Reversing direction, the pound declined against its major counterparts in pre-European deals on Monday.

The pound edged down to 1.2935 against the dollar and 1.2553 against the franc, from its early highs of 1.2987 and 1.2598, respectively.

The pound reversed from its previous highs of 131.23 against the Japanese yen and 0.8647 against the euro, ticking down to 130.52 and 0.8677, respectively.

The pound may locate support around 1.28 against the greenback, 1.22 against the franc, 128.00 against the yen and 0.88 against the euro.

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