Speculation about hard Brexit and the coronavirus headlines continued weighing on the pound. Besides, the growing tensions between London and Brussels over the future trade relationship are limiting the pound recovery.
The main scenario is a recovery towards 1.2960.
An alternative scenario assumes a decline to the 1.2880 level.
If bulls regain control, they might drive the pound to 1.2960, but first they need to overcome 1.2930.
If the bearish tone persists we expect a breakout of the level 1.2900 and a move to 1.2880 after that.