GBP/USD technical analysis: Upside remains capped, break of 1.2685 can trigger fresh declines

• Multiple upside resistance-lines stand tall to question the pair’s recent recovery.
• Bears can jump back should prices break latest lows.

GBP/USD's latest bounce off 1.2685 isn’t strongly indicating the pair’s strength as it takes the rounds near 1.2715 ahead of the UK markets open on Wednesday.

The pair needs to surpass near-term trend-line resistance, near 1.2795/1.2800, in order to aim for another resistance-line around 1.2870/75.

Should there be an increase upside bias past-1.2875, 50% Fibonacci retracement of present month downturn at 1.2935 and 61.8% Fibonacci retracement level of 1.2990 can please buyers.

Meanwhile, a downside break of 1.2685 can trigger the quote’s fresh south-run towards January 15 low at 1.2672 and 1.2600 round-figure.

GBP/USD hourly chart

Trend: Bearish