Sterling rose yesterday against the US dollar. On Wednesday morning, the exchange rate is consolidating gains near the 1.29 area at 0650 UTC.

If the rise persists during today's session, the next target may lie on the upper boundary of the hourly Bollinger bands located at 1.2945. The lower boundary stands at 1.12833, which is also reinforced by the weekly R1.

The weekly R2 stands at 1.2913 and close to yesterday's high at 1.2925.
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