The pound moved lower amid the US dollar recovery. However, UK political optimism supported the Cable and limited its losses.
The main scenario assumes fresh losses towards 1.2820.
An alternative scenario assumes a retest of 1.2970.
A consolidation below 1.2900 could lead to more losses towards 1.2820.
Buy the pound to 1.2970 if the rate bounces off 1.2900.