Shorter-term the upside target is 134 to 135, the area of the Dec. 12 peak. That 134 region is a longer-term , extending back to mid-2018. A continued rise above 134 and 135 would indicate that the GBP is rising to its next major near 143.
A continued decline is , as all those who speculatively bought GBP on the initial upside breakout would be trapped and pressured to sell, putting further downward pressure on the GBP.
The selling pressure begins to mount below 130, with a move below 128 likely causing a sharp decline as a significant number of stop losses get hit.
Disclosure: long GBPJPY on an unrelated strategy.
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