Sterling jumps strongly higher after news that Germany dropped key Brexit demands, releasing a great deal of Brexit-related uncertainty. Earlier on Wednesday, the UK Services PMI rose above expectations helping Sterling temporarily. Sterling regained some losses on Tuesday after Carney said he was ready to stay at the Bank of England but concerns over Brexit Sterling under pressure. Sterling was sold off massively on Monday after European Union chief Brexit negotiator, Michel Barnier said he strongly opposed Britain’s latest proposal. Technically the GBP/USD is facing a psychological support at 1.2800 round big figure only. The summertime low of 1.2666 is the next target on the longer term time frames while 1.2750 and 1.2700 round big figures may act as minor support levels as well. The technical oscillators including the Relative Strength Index and Momentum turned lower and Slow Stochastics made a bearish cross in the oversold territory on 1-hour time frame indicating further downside potential.