FXStreet reports that FX Strategists at UOB Group said that GBP/USD still targets the 1.3890 level as long as it does not break below 1.3760.

24-hour view: “We highlighted last Friday that “the advance in GBP has scope to extend but a break of last week’s high near 1.3890 is unlikely”. Our view was not wrong as GBP subsequently rose to within a couple of pips of 1.3890 (high of 1.3888) before pulling back. Upward pressure has eased and GBP has likely moved into a consolidation phase. In other words, GBP is likely to trade sideways for today, expected to be within a 1.3800/1.3870 range.”