According to Karen Jones, analyst at Commerzbank, GBP/USD is under pressure while capped by the near term downtrend at 1.3156 to head back to the 55 day ma at 1.2997.

"Failure here will trigger a slide to the December low at 1.2908. Failure at the 1.2908 support would put the 4 month uptrend at 1.2792 and the 200 day moving average at 1.2690 back on the plate. The near term downtrend guards the Fibonacci resistance at 1.3285. This is considered to be the last defence for the December high at 1.3515. Failure at the 1.2908 support would target the 200 day moving average."