FXStreet reports that cable needs to break above 1.3120 to allow for the continuation of the upside pressure, suggested FX Strategists at UOB Group.

Next 1-3 weeks: “After GBP surged to a high of 1.3135, we indicated last Thursday that ‘there is room for further GBP strength towards 1.3250 but it is left to be seen if GBP can maintain a foothold above this level’. Since then, GBP has not been able to make much headway on the upside. Upward momentum is beginning to ease but only a break of 1.2990 (no change in ‘strong support’ level) would indicate that the current upside risk has dissipated. Meanwhile, in order to rejuvenate the current flagging momentum, GBP has to move and stay above 1.3120 within these 1 to 2 days or the odds for further GBP strength would diminish quickly.”