Cable remains within a consolidative theme and could still attempt a test of 1.30, suggested Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

“GBP/USD is consolidating above near term support offered by the 1.2784 25th June high. This leaves the market well placed to tackle psychological resistance at 1.30. Dips are indicated to hold circa 1.2760/00 and should recover from here. Directly above here we have the 200 week ma at 1.3138 and the 1.3187 May high and these remain our short term targets. For now, provided dips lower hold over 1.2582 (20th September high) an immediate upside bias is maintained. The 1.3187 May high guards the 1.3382 2019 high. Below 1.2582 lies the 1.2382 17th July low and the 1.2285 uptrend. The near term uptrend guards 1.2196/94”