The pound bounces higher thanks to upbeat services PMI in February. On the daily chart, the pair is still striving to hold above January’s low of 1.1840 which is a critical floor to keep the price afloat in the medium-term. A bearish breakout could trigger a sell-off towards 1.1600. The triple bottom at 1.1920 shows that the bulls are still eager to defend this major demand area and a pop above 1.2040 is an encouraging sign. A rally above the double top at 1.2140 would pave the way for a broader recovery.
