In light of the recent performance, Cable is now expected to move within a sideline theme, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “Expectation for GBP to “trade at a lower range” was incorrect as it spiked briefly to a high 1.2896 before dropping back to end the day on a firm note at 1.2853 (+0.57%). While momentum has not improved by much, there is room for GBP to test the 1.2900 level. For today, a sustained rise beyond this level is not expected (next resistance is at 1.2930). Support is at 1.2825 followed by 1.2795″. Next 1-3 weeks: “One day after ‘probing’ the bottom of our expected 1.2770/1.2930 range (low of 1.2769 last Friday), GBP staged a sudden and strong rebound and cracked the ‘strong resistance’ level of 1.2865 (overnight high of 1.2896). The price action suggests that GBP is not ready to move below 1.2770 just yet (we indicated last Friday “a NY closing below 1.2770 could lead to further weakness to 1.2700″). From here, GBP is deemed to have move back into a sideway-trading phase. For the next couple of weeks, GBP is expected trade sideways between 1.2770 and 1.2930″. 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 Largest Canadian bank to launch cryptocurrency trading platform FX Street 3 years In light of the recent performance, Cable is now expected to move within a sideline theme, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: "Expectation for GBP to "trade at a lower range" was incorrect as it spiked briefly to a high 1.2896 before dropping back to end the day on a firm note at 1.2853 (+0.57%). While momentum has not improved by much, there is room for GBP to test the 1.2900 level. For today, a sustained rise beyond this level is not expected (next resistance is at 1.2930). Support is at 1.2825 followed by 1.2795". Next… 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.
