The British pound sterling managed to post a sharp recovery intraday on Wednesday.
Most of the gains were driven by progress in Brexit talks. As a result, price action quickly covered ground to rise above 1.3000 level once again.
But despite this short term recovery, GBPUSD remains range bound within 1.3000 and 1.2750 levels.
However, for further upside, price will need to close above Tuesday’s high of 1.3067.
This will then put the GBPUSD on track to test the 1.3122 level of resistance next.