Cable’s upside momentum could extend to the 1.2630 region in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “We expected GBP to strengthen yesterday but held the view that ‘the major resistance at 1.2580 is not expected to come into the picture’. However, GBP rose to a high of 1.2593 before easing off. The rapid rise appears to be running ahead itself and further GBP gain is unlikely. GBP is more likely to consolidate and trade between 1.2500 and 1.2600.” Next 1-3 weeks: “We have held the same view since last Thursday (02 Jul, spot at 1.2475) wherein GBP ‘is expected to trade with an upside bias but the prospect for a sustained advance above 1.2580 is not high for now’. After trading in a quiet manner for a few days, GBP popped to a high of 1.2593 yesterday (07 Jul). Upward momentum has improved, albeit not by much. From here, GBP is still likely to trade with an upside bias and could edge up to 1.2630. On the downside, a breach of 1.2450 (‘strong support’ level was at 1.2400 yesterday) would indicate the current upward pressure has eased.” 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 Ripple Price Analysis: XRP/USD on roller-coaster, ready for another jumps above $0.2000 FX Street 3 years Cable’s upside momentum could extend to the 1.2630 region in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “We expected GBP to strengthen yesterday but held the view that ‘the major resistance at 1.2580 is not expected to come into the picture’. However, GBP rose to a high of 1.2593 before easing off. The rapid rise appears to be running ahead itself and further GBP gain is unlikely. GBP is more likely to consolidate and trade between 1.2500 and 1.2600.” Next 1-3 weeks: “We have held the same view since last Thursday (02 Jul, spot… 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.
