Meanwhile, technical indicators on the 1-hourly chart have been gaining negative momentum and losing traction on the 4-hourly chart.

This coupled with bearish oscillators on the daily chart support prospect for an eventual bearish breakdown on intraday charts.

The mentioned support should now act as a key pivotal point for the pair’s intraday momentum, though traders are likely to wait for today's important UK macro data – including the monthly GDP growth figures, before placing any aggressive bets.

On the upside, immediate resistance is pegged near the 1.2730 area but the key hurdle remains near the 1.2745-50 region. Only a sustained break through the mentioned barrier might negate the bearish outlook and trigger a near-term short-covering move.

Source : FXstreet