A David Ball goal against his former club wasn't enough to claim a point for Fleetwood on the road at Peterborough
Posh dominated much of the first half, making the most of their pace and directy style of play.
It was a game Fleetwood struggled to handle, the visitors repeatedly opened up down the middle, Jon Taylor and Lee Angol a major threat for the hosts.
But Graham Westley's side were guilty of squandering their first half opportunities, Conor Washington blazing across the face of goal and wide, Erhun Ozthumer also flashing past the upright from close range.
Fleetwood lacked real penetration, unable to use the pace and vision of new loan capture David Henen, making his first start since joining from Everton.
The Belgian showed a flash of what he might do for Steven Pressley's side, breaking beyond Posh but losing out to keeper Ben Alnwick inside the box.
Still, Fleetwood almost went in at the break ahead.
Joe Davis isn't known for his attacking prowess but the stand in full back beat Alnwick as he tried his luck from 18 yards, the effort bouncing off the angle of post and bar and wide.
Peterborough upped the intensity after the break but again it was Town would came closest to breaking the deadlock, Henen showing good strength to keep the ball and forge a path down the right, crossing to Antoni Sarcevic who scooped over from five yards.
It's a miss Fleetwood were to regret, Taylor soon after starting a move which gave the hosts the lead.
His run was unchallenged, his shot saved by Maxwell.
But Town were struggling under the pressure, a ball from the right beating the defence, sub Souleymane Coulibaly heading home.
Pressley shuffled his pack to get back into the game, David Ball and Tarique Fosu thrown into the action.
And the pair combined to help Fleetwood level, the visitors showing good movement to find Reading loanee Fosu on the edge of the box, Ball slipped in and showing composure to slot past Alnwick.
Fleetwood looked like they might grab an unlikely point, but the Posh had other ideas.
For once Taylor wasn't involved as they got their noses in front once more, a lax moment down the Fleetwood left allowing Michael Smith to curl in a cross, Jermaine Anderson charging through to head past Maxwell.
Fleetwood, to their credit, were far from done.
Fosu looked a lively character, forcing a rash challenge on the edge of the box, Jimmy Ryan's free kick stinging the palms of Alnwick.
Then Ball and Henen combined, the Belgian bullying his way to a shooting position and rattling the woodwork, Alnwick again involved.
The fight in Fleetwood was admirable but the equaliser was a blow from which they could not recover, 10 minutes of pressure causing the hosts to buckle but not break.
Town were very nearly caught on the counter, Taylor nipping in behind Teixeira once more, Maxwell with a superb save racing from his goal to deny the Posh man.
A defeat it may have been but Fleetwood took another huge step in the right direction, showing creativity and flair and, most importantly, ending their goal drought.
The situation, in terms of league position, may remain bleak, but play as they did in the driving Cambridgshire rain and Fleetwood's fans can remain hopeful.