The pound sterling finally made the final push to rise above the 1.3122 target level on Friday. But price action quickly gave back the gains into the close.

Still, GBPUSD was just a few pips away from a six month high. The current declines might see a pullback in the short term.

We expect the 1.3000 level to hold as support for the moment.

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Given the bullish momentum, there is scope for the cable to potentially rise above the 1.3122 level eventually.

To the downside, if prices fall below 1.3000, then we could see a test of support back near the 1.2813 level.

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