GBP/USD yet to reclaim the 1.27 handle this afternoon- can it do so?

Earlier today the GBP/USD made a move above 1.2710, as noted here at the time. The Pound then extended the rise above that level, to a high at 1.2750. Well, for the past 4 hours it has been struggling to regain any upside momentum. If you look at a chart you will see the price action has been mostly in the opposite direction. Since peaking at 1.2750, the Pound has fallen back to 1.2682 and it is not much above that low right now. The wider move, from 1.2487 to 1.2750 today is clearly corrective and not dynamic. As noted here a few times already, there are hurdles in place above 1.2750 anyway. That said there is still the prospect of some last minute month-end orders showing up for the 4pm London fix. which could shunt this one in either direction. Given the de-populated nature of the markets this afternoon, anything of size could have a greater than usual impact too. So, please be aware of that as the clock nears 4pm in London. The GBP/USD is currently trading at 1.2692