GBP: Technical indicators look constructive - BBH

Analysts at BBH explain that sterling was range-bound last week (~$1.2770 to $1.2920) but the technical indicators look constructive which may be a reflection of a heavy dollar.  

Key Quotes

“The outside up day posted in the middle of the week did not see follow-through buying, but rather back-to-back inside days.   Sterling continues to trade heavily against the euro.  It fell on the cross for the sixth consecutive week.  The euro look to be headed into the GBP0.8800-GBP0.8850 area that marked the highs in mid-January and mid-March.  Against the dollar, the $1.3000-$1.3055 needs to be overcome to be anything technically significant.”