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Price on this pair has fallen after testing the 1.2950 resistance level, price on the pair is making lower lows and lower highs signalling a retracement , the recent push down has taken the price to 1.2830 level, but the price has bounced back up in anticipation of Services PMI data and other news releases from the UK. In my view the pair will again test the significant support area of 1.2750-1.2770, this is very strong support level for the pair and it will be difficult to break after the recent strong bullish run, so there are very high probabilities that the uptrend will continue and the retracement will end around this support level.
