Broad dollar’s weakness helped the pound to gain some traction on Friday. Traders will eye the UK November Manufacturing PMI today.
The main scenario is a break through 1.2950.
An alternative scenario assumes a bounce off the 1.2940 hurdle.
If bulls can break the 1.2950 resistance, the market is set to climb towards the 1.3010 level.
The pound may decline to 1.2800 after a bounce off 1.2940.