GBP/USD: The pair backed off higher prices after failing to follow through on the back of its Monday gain on Tuesday. This development has turned the immediate risk lower. On the downside, support lies at the 1.2850 level where a break will turn attention to the 1.2800 level. Further down, support lies at the 1.2750 level. Below here will set the stage for more weakness towards the 1.2700 level. Conversely, resistance stands at the 1.3050 with a turn above here allowing for more strength to build up towards the 1.3100 level. Further out, resistance resides at the 1.3150 level followed by the 1.3200 level. On the whole, GBP/USD faces pullback risk on price failure.

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