There has been no further increase in momentum; a breach of 1.3125 would suggest that 1.3000 is out of reach, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

GBP can break above of 1.3125

24-HOUR VIEW: “Yesterday, we expected GBP to trade in a sideways range of 1.3035/1.3085. GBP subsequently dipped to 1.3038, rebounded to 1.3103 before closing slightly higher at 1.3074 ( 0.10%). There has been no increase in either downward or upward momentum, and we continue to expect GBP to trade sideways. Expected range for today: 1.3040/1.3105.”