GBP/USD Technical Analysis: Bidders spinning their wheels at 1.2750 amidst descending triangle

• The GBP/USD pairing is catching some bids in the pre-London session, rising over 1.2750 in early Wednesday trading, but the pair remains steeply off of recent highs, losing the 1.2800 major handle in Tuesday's trading as the Cable market remains fairly risk-off.
• An intraday floor has been priced in near 1.2725 as the Cable lifts above the 200-period moving average near 1,2740.

GBP/USD, 5-Minute

• Going back over the past two weeks, 1.2860 remains a key inflection point, and near-term bulls will be waiting for a successful break-and-retest of the congestion region before stepping up their long orders.

GBP/USD, 30-Minute

• In the medium-term, the Cable is confined neatly in a descending triangle, while a fresh break into the 1.2700 level will see further downside open up as bearish bets break free of a heavy stop zone.

GBP/USD, 4-Hour