Forex technical analysis: GBPUSD trades near middle of day’s range. Support developing?

The low area stalled near December swing high.
The GBPUSD stumbled lower yesterday after the big move higher on Tuesday. The low reached 1.27687. The low today has been a bit higher at 1.27711.  If you look back to December, the swing high stalled at 1.2774  Is the market trying to put a floor against an old ceiling?  The GBPUSD traded in an up and down range going back to October with that level as the peak. We broke out. If it holds, that is more bullish. If it is broken (and stays broken), we are back in the Red Box in the chart below.  We need to pay attention to that level.