Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggested Cable could attempt another test of 1.30 provided the decline holds around the 1.2784/64 band.

“GBP/USD came under increasing pressure last week and starts this week sitting just above the 1.2784 25th  June high and the 1.2764/23.6% retracement. It should hold here for another attempt at the psychological resistance at 1.3000. Failure will see a slide to the 200 day ma at 1.2703. Directly above here we have the 200 week ma at 1.3122 and the 1.3187 May high and these remain our short term targets, and we look for the market to be capped here. The 200 day ma at 1.2703 guards 1.2582. Below 1.2582 lies the 1.2382 17th  July low and the 1.2403 uptrend. The uptrend guards 1.2196/94”.