FXStreet reports that FX Strategists at UOB Group noted that cable remains neutral and is forecasted to navigate between 1.2900 and 1.3120 in the next weeks.

Next 1-3 weeks: “We highlighted yesterday that ‘upward momentum is beginning to ease’ and added, ‘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’. GBP subsequently came close to breaching our ‘strong support’ level at 1.2990 (low of 1.2993) and closed on a soft note at 1.3022 (-0.13%). Upward momentum has deteriorated further and further GBP appears unlikely. GBP is more likely to consolidate and trade between 1.2900 and 1.3120 for now.”