In opinion of FX Strategists at UOB Group, Cable’s outlook remains bearish while strong contention emerges around 1.3200. Key Quotes 24-hour view: “GBP traded sideways as expected albeit at a higher range than anticipated. Neutral indicators continue to suggest further range trading for now, likely between 1.3265 and 1.3345″. Next 1-3 weeks: “The bearish phase that started earlier this month remains intact as GBP hit a fresh 2018 low of 1.3205 on Tuesday (29 May) before registering an ‘inside day’ yesterday. While the down-move is severely oversold, it is too early to expect a low. Only a break of 1.3360 (‘stop-loss’ level) would indicate that a short-term bottom is in place. Until then, another attempt to crack 1.3200 is not ruled out and a break of this level would shift the focus to 1.3150. That said, 1.3200 is rather strong level and this support would not be easy to break (shorter-term indicators suggest GBP could consolidate for a few days first at these lower levels)”. 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 When is the UK manufacturing PMI and how could it affect GBP/USD? FX Street 5 years In opinion of FX Strategists at UOB Group, Cable's outlook remains bearish while strong contention emerges around 1.3200. Key Quotes 24-hour view: "GBP traded sideways as expected albeit at a higher range than anticipated. Neutral indicators continue to suggest further range trading for now, likely between 1.3265 and 1.3345". Next 1-3 weeks: "The bearish phase that started earlier this month remains intact as GBP hit a fresh 2018 low of 1.3205 on Tuesday (29 May) before registering an 'inside day' yesterday. While the down-move is severely oversold, it is too early to expect a low. Only a break of 1.3360… 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.
