FXStreet reports that FX Strategists at UOB Group noted that cable is likely to trade between 1.3000 and 1.3250 in the next weeks.

Next 1-3 weeks: “After GBP surged earlier this week, we indicated on Wednesday that ‘further GBP strength appears likely even though it is a bit too soon to expect a move to the year-to-date high at 1.3481’. We added, ‘on a shorter-term note, 1.3380 and 1.3420 are already quite strong resistance levels’. That said, we did not quite expect the sharp drop yesterday (12 Nov) that took out our ‘strong support’ level of 1.3120 (low of 1.3108). The rapid loss in momentum suggests GBP is not ready to move higher just yet. From here, GBP could trade sideways within a broad 1.3000/1.3250 range for a period of time.”