In light of the recent price action, Cable could recede to the mid-1.2600s region in the next weeks. Key Quotes 24-hour view: “GBP dropped to a low of 1.2676 yesterday before rebounding to close little changed at 1.2726 (-0.06%). The price actions were in line with our expectations wherein GBP could weaken further but ‘1.2650 is likely out of reach for now’. While downward momentum has slowed, it is too soon to expect a sustained rebound. For today, GBP could drift downwards but any weakness is viewed as part of lower trading range of 1.2650/1.2760 (a sustained decline below 1.2650 is not expected).” Next 1-3 weeks: “Yesterday (22 Sep, spot at 1.2820), we expected GBP ‘to trade with a downward bias towards 1.2730’ and we highlighted that GBP ‘has to close below this level before further weakness can be expected’. GBP subsequently dropped to 1.2711 before closing at 1.2734. While GBP did not close below 1.2730, downward momentum has improved considerably. In other words, GBP is likely to weaken further. The next support is at 1.2650. The current negative outlook for GBP is deemed as intact as long as it does not move above 1.2860 (‘strong resistance’ level was at 1.2930 yesterday).” 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 Gold Price Analysis: XAU/USD’s bearish bias intact, acceptance below $1944 critical – Confluence Detector FX Street 2 years In light of the recent price action, Cable could recede to the mid-1.2600s region in the next weeks. Key Quotes 24-hour view: “GBP dropped to a low of 1.2676 yesterday before rebounding to close little changed at 1.2726 (-0.06%). The price actions were in line with our expectations wherein GBP could weaken further but ‘1.2650 is likely out of reach for now’. While downward momentum has slowed, it is too soon to expect a sustained rebound. For today, GBP could drift downwards but any weakness is viewed as part of lower trading range of 1.2650/1.2760 (a sustained decline below 1.2650… 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.