Cable’s negative phase remains unchanged while below the 1.3810 level, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “Yesterday, we highlighted that ‘there is scope for the weakness in GBP to test 1.3660 first before stabilizing’. However, GBP rebounded after touching 1.3671. The rapid and robust rebound has scope to extend higher but any advance is expected to face solid resistance at 1.3780. The major level at 1.3810 is unlikely to come into the picture. Support is at 1.3710 followed by 1.3680.” Next 1-3 weeks: “We turned negative on GBP earlier this week. In our latest narrative from yesterday (25 Mar, spot at 1.3690), we indicated that ‘the negative phase is deemed intact as long as GBP does not move above 1.3810 (‘strong resistance’ level)’. While there is no change in our view, shorter-term downward momentum has waned somewhat and the support at 1.3660 may not come into the picture so soon and the odds for the weakness in GBP to extend to 1.3600 have diminished. Looking ahead, a break of the ‘strong resistance’ at 1.3810 would indicate that GBP could trade sideways for a period of time.” 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 AUD/USD clings to gains near session tops, around 0.7625 region FX Street 8 months Cable's negative phase remains unchanged while below the 1.3810 level, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: "Yesterday, we highlighted that 'there is scope for the weakness in GBP to test 1.3660 first before stabilizing'. However, GBP rebounded after touching 1.3671. The rapid and robust rebound has scope to extend higher but any advance is expected to face solid resistance at 1.3780. The major level at 1.3810 is unlikely to come into the picture. Support is at 1.3710 followed by 1.3680." Next 1-3 weeks: "We turned negative on GBP earlier this week. In our latest narrative from… Top 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.
