The GBPUSD pair is trading on the downside at around 1.2940 after subsequent to touching the round big figure of 1.3000 overnight for the first time since mid-November.
The GBP was helped by improved sentiment on lowered chances of a no-deal Brexit and rising hopes of second referendum.
In fact, the GBPUSD broke away from the descending slanting long-term trend on the upside and rose to 1.3000 overnight. The GBPUSD confronted firm resistance at 38.2% Fibonacci retracement level of 1.2980 and it is going lower. The pair is relied upon to stay topped in a sideline trend with 1.2905-1.2805 targets on the drawback.