Sterling peaked just below 1.2290 earlier and, like the EUR, spot losses from the intraday high have been quite significant from a short-term technical point of view. 

The 1 and 6-hour charts reflect bearish reversal signals which tilt near-term risks lower. 

Cable support may emerge around 1.2200/1.2220, however, where Sterling gains stalled last week. Firmer support may develop nearer 1.2150.