Further downside in Cable could see the mid-1.2800s retested in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “The sudden lurch lower in GBP that cracked the strong support at 1.2940 came as a surprise (low of 1.2921). The rapid pick up in downward momentum suggests the risk for today remains on the downside. That said, 1.2900 is expected to offer solid support for today (next support at 1.2870). All in, GBP is likely to stay on the back foot unless it can move above 1.2980 (minor resistance is at 1.2950).” Next 1-3 weeks: “While we indicated yesterday that GBP is likely to trade within a 1.2900/1.3200 range, we noted that ‘looking forward, the prospect for a breach of 1.2900 appears to be higher’. The sudden lurch lower in GBP and the subsequent weak daily closing in NY (1.2927, -0.53%) suggests that the risk of a break of 1.2900 has increased. The next support level of note below 1.2900 is at 1.2850. From here, GBP is expected to stay on the back foot unless it moves back above 1.3020.” 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 Ethereum Market Update: ETH/USD surge could grind to a halt, double-top pattern spotted FX Street 2 years Further downside in Cable could see the mid-1.2800s retested in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “The sudden lurch lower in GBP that cracked the strong support at 1.2940 came as a surprise (low of 1.2921). The rapid pick up in downward momentum suggests the risk for today remains on the downside. That said, 1.2900 is expected to offer solid support for today (next support at 1.2870). All in, GBP is likely to stay on the back foot unless it can move above 1.2980 (minor resistance is at 1.2950).” Next 1-3 weeks: “While… 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.
