Cable’s stance remains negative for the time being and risks a dip to the 1.2700 neighbourhood, noted FX Strategists at UOB Group. Key Quotes 24-hour view: “GBP traded sideways as expected, albeit at a lower and narrower range than anticipated. While the consolidation phase appears incomplete, the underlying tone has weakened somewhat and this could lead to GBP drifting lower from here. That said, any weakness is viewed as part of a 1.2770/1.2830 consolidation range and not the start of a sustained decline”. Next 1-3 weeks: “As indicated, the recent price action suggests GBP is likely searching and is possibly close to finding a short-term bottom. However, only a break of the 1.2890 ‘key resistance’ (no change in level) would indicate that the ‘negative’ phase that started more than a week ago (see update on 19 Oct, spot at 1.3020) has ended. Until then, GBP could dip towards the 1.2750 support but we apportion low odds for a sustained move below this level (next support is at 1.2700 followed by the year’s low at 1.2662)”. 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 China warms up to Bitcoin and cryptocurrencies: Holding and transacting now legal FX Street 4 years Cable's stance remains negative for the time being and risks a dip to the 1.2700 neighbourhood, noted FX Strategists at UOB Group. Key Quotes 24-hour view: "GBP traded sideways as expected, albeit at a lower and narrower range than anticipated. While the consolidation phase appears incomplete, the underlying tone has weakened somewhat and this could lead to GBP drifting lower from here. That said, any weakness is viewed as part of a 1.2770/1.2830 consolidation range and not the start of a sustained decline". Next 1-3 weeks: "As indicated, the recent price action suggests GBP is likely searching and is possibly… 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.
