A break below 1.27729 will bring back the pair to an old box range where it stayed since October of 2016 until last month. A bearish candle formed below 1.27729 on a daily time frame suggests that we will be seeing a continuous downtrend for this pair. This may continue until the UK Election.
If the result of the lone major risk event (Manufacturing PMI) for Pound this week is beats expectation, then we may a bounce off from the support level 1.27729.