FX Strategists at UOB Group suggested the bearish phase in Cable could be ending. Key Quotes 24-hour view: “The sharp drop to a low of 1.3102 and the subsequent surge higher that hit an overnight high of 1.3270 was clearly not expected. While the strong recovery appears to be running ahead of itself, there is no sign of weakness just yet and GBP has room to move above 1.3270. That said, 1.3290 is another strong resistance and at this stage, a sustained gain above this level would come as a surprise. On the downside, only a move back below 1.3175 would indicate that the current upward pressure has eased (minor support is at 1.3210)”. Next 1-3 weeks: “We highlighted on Wednesday (20 Jun, spot at 1.3175) that while the outlook for GBP is bearish, the major 1.3040 level is “likely out of reach” and added “1.3100 is already a strong support”. GBP briefly touched 1.3102 yesterday before rocketing to hit an overnight high of 1.3270. The high was not far from the 1.3290 ‘stop-loss’ level for our bearish view and based on the price action yesterday, a break of 1.3290 would not be surprising at all. In other words, the current bearish phase appears to be close to ending. Looking ahead, a break of 1.3290 would not suggest a bullish reversal but the start of a neutral consolidation phase”. 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 in search of a firm direction, stuck in a range around 110.00 mark FX Street 5 years FX Strategists at UOB Group suggested the bearish phase in Cable could be ending. Key Quotes 24-hour view: "The sharp drop to a low of 1.3102 and the subsequent surge higher that hit an overnight high of 1.3270 was clearly not expected. While the strong recovery appears to be running ahead of itself, there is no sign of weakness just yet and GBP has room to move above 1.3270. That said, 1.3290 is another strong resistance and at this stage, a sustained gain above this level would come as a surprise. On the downside, only a move back below 1.3175… 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.