According to FX Strategists at UOB Group, the probability of a move higher in Cable appears somewhat mitigated for the time being. Key Quotes 24-hour view: “We expected GBP to trade sideways within a 1.2900/1.2950 range yesterday. The subsequent price action wherein GBP rose to 1.2970 before plummeting back down to 1.2893 came as a surprise. The rapid swing has resulted in a mixed outlook. From here, GBP could continue to trade in a choppy manner and within a relatively broad range of 1.2875/1.2960″. Next 1-3 weeks: “Our ‘strong support’ level at 1.2875 is still intact as GBP recovered after touching 1.2888 and ended the day little changed in NY at 1.2923 (-0.02%). As highlighted yesterday (20 Nov, spot at 1.2925), only a break of 1.2875 would indicate the current mild upward pressure has eased. Until then, there is still chance for GBP to move towards last month’s peak at 1.3012. That said, after the price action over the past couple of days, the probability for such a scenario has decreased. Looking forward, if GBP were to move below 1.2875, it could trade sideways for a period”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY remains bearish/neutral near-term – UOB FX Street 3 years According to FX Strategists at UOB Group, the probability of a move higher in Cable appears somewhat mitigated for the time being. Key Quotes 24-hour view: "We expected GBP to trade sideways within a 1.2900/1.2950 range yesterday. The subsequent price action wherein GBP rose to 1.2970 before plummeting back down to 1.2893 came as a surprise. The rapid swing has resulted in a mixed outlook. From here, GBP could continue to trade in a choppy manner and within a relatively broad range of 1.2875/1.2960". Next 1-3 weeks: "Our 'strong support' level at 1.2875 is still intact as GBP recovered after… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
