Cable is seen grinding lower although always against the backdrop of a broad consolidative pattern, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “The sudden and sharp decline that sent GBP plunging to an overnight low of 1.2439 came as a surprise to us. Despite the rapid bounce from the low, the weakness in GBP is not showing sign of stabilization just yet. From here, barring a move above 1.2575 (minor resistance at 1.2535), GBP could dip below the overnight low towards 1.2405 before the weakness should stabilize.” Next 1-3 weeks: “After closing higher for six days in a row, the sudden and sharp drop in GBP yesterday came as a surprise. While the 1.2648 high posted on Tuesday (14 Apr) is deemed as a short-term top, it is too early to expect a sustained decline in GBP. From here, GBP could move lower but for now, any weakness is viewed as part of a 1.2300/1.2610 range.” 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 EUR/USD: Risk-off sentiment favors the safe-haven greenback FX Street 2 years Cable is seen grinding lower although always against the backdrop of a broad consolidative pattern, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “The sudden and sharp decline that sent GBP plunging to an overnight low of 1.2439 came as a surprise to us. Despite the rapid bounce from the low, the weakness in GBP is not showing sign of stabilization just yet. From here, barring a move above 1.2575 (minor resistance at 1.2535), GBP could dip below the overnight low towards 1.2405 before the weakness should stabilize.” Next 1-3 weeks: “After closing higher for six days in… 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.
