24-hour view: Our view for GBP to weaken further was incorrect, as it rose to a high of 1.2638 before settling at 1.2629 (+0.31%). Despite the advance, there is no significant increase in momentum, and GBP is unlikely to rise much further. Today, GBP is more likely to trade in a range of 1.2595/1.2655. 

Next 1-3 weeks: We maintain the same view as yesterday (04 Sep, spot at 1.2590). As highlighted, the risk for GBP appears to have shifted to the downside. However, as downward momentum is only beginning to build, any weakness is likely to face solid support at 1.2500 (there is another strong support at 1.2545). Resistance-wise, if GBP breaks above 1.2680, it would mean that the momentum buildup has faded