The neutral bias around Cable is expected to persist for the time being, according to FX Strategists at UOB Group. Key Quotes 24-hour view: “Instead of “trading sideways between 1.2285 and 1.2365″, GBP drifted lower to close just above the day’s low of 1.2288 (closed at 1.2291). Downward pressure has picked up, albeit not by much and GBP could continue to edge lower to the next support at 1.2260. For today, the strong 1.2235 level is likely out of reach. On the upside, a move above 1.2340 (minor resistance is at 1.2315) would indicate that the current mild downward pressure has eased”. Next 1-3 weeks: “GBP traded in a quiet manner and registered an ‘inside day’ for the second straight day. The price action is in line with our view from last Friday (04 Oct, spot at 1.2335) wherein the recent weakness has stabilized and GBP is expected “to trade sideways for now”. The rapid decrease in volatility suggests a 1.2235/1.2420 range could be enough to contain the movement in GBP for the next several days (range narrowed from 1.2235/1.2460 previously)”. 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 No. 10 Source: A deal likely if N. Ireland stays in customs union, if not, then deal is ‘overwhelmingly unlikely’ – BBC FX Street 3 years The neutral bias around Cable is expected to persist for the time being, according to FX Strategists at UOB Group. Key Quotes 24-hour view: "Instead of "trading sideways between 1.2285 and 1.2365", GBP drifted lower to close just above the day's low of 1.2288 (closed at 1.2291). Downward pressure has picked up, albeit not by much and GBP could continue to edge lower to the next support at 1.2260. For today, the strong 1.2235 level is likely out of reach. On the upside, a move above 1.2340 (minor resistance is at 1.2315) would indicate that the current mild downward pressure… 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.
