Cable could now move into a consolidative fashion, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “We highlighted last Friday that ‘downward momentum has eased’ but were of the view ‘there is scope for GBP to test 1.2840 first before a more sustained recovery can be expected’. However, GBP recovered sooner and from a higher level than expected (low of 1.2876). From here, the rapid rebound appears to have scope to retest Friday’s 1.2980 peak but the next resistance at 1.3010 is unlikely to come into the picture. Support is at 1.2920 followed by 1.2885.” Next 1-3 weeks: “The downward pressure that last Thursday (20 Feb, spot at 1.2920) ended abruptly as GBP rebounded above the ‘strong resistance’ level of 1.2960 (high of 1.2980). For now, last week’s 1.2849 low is viewed as an interim bottom and the current price action is likely part of a consolidation phase. In other words, GBP is expected to trade sideways between 1.2850 and 1.3030.” 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 Copper Futures: Still room for further upside FX Street 2 years Cable could now move into a consolidative fashion, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “We highlighted last Friday that ‘downward momentum has eased’ but were of the view ‘there is scope for GBP to test 1.2840 first before a more sustained recovery can be expected’. However, GBP recovered sooner and from a higher level than expected (low of 1.2876). From here, the rapid rebound appears to have scope to retest Friday’s 1.2980 peak but the next resistance at 1.3010 is unlikely to come into the picture. Support is at 1.2920 followed by 1.2885.” Next 1-3 weeks:… 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.
