Spot gains extended through the low 1.2700 area on Wednesday to lift the near-term technical tone for the GBP. But the GBP rise appears to have stalled – and may be reversing – from the test of 1.2800. 

Intraday candle patterns suggest a minor top may have formed through European trade. GBP dips to the low/mid 1.2700 area should find firm support, however. 

Resistance is 1.2810, ahead of a return to the 1.2900 zone.