GBP/USD Update – 07/09/2017 (11:00am): GBP/USD continues to recover off the 1.2775/77 support area and has reached 1.3080 61.8% retracement of the last leg lower. The near term uptick is expected to terminate ahead of the 78.6% retracement at 1.3162, and just ahead of here lies the 1.3126 July 18 high. Minor support lies at 1.2938 ahead of the 1.2810 longer term channel. The 1.2775/59 support zone consists of the December 2016, late April and late May lows. Below it sits the 50% retracement and 200 day moving average at 1.2688/76.