Price action suggests there is scope for Pound Sterling (GBP) to rise to, and potentially break above the 2023 peak of 1.3144, ING’s FX strategist Francesco Pesole notes.

GBP bulls target the 1.3144 level

24-HOUR VIEW: “GBP surged two days ago. Yesterday, we indicated that ‘while GBP could continue to rise, it might not be able to break clearly above last year’s high of 1.3144.’ GBP subsequently rose to 1.3130, pulling back to close largely unchanged at 1.3093 ( 0.02%). The pullback in overbought conditions indicates that GBP is likely to trade in a range today, probably between 1.3065 and 1.3125.”