Cable is expected to test the upper end of the range near 1.2380 in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “We highlighted yesterday GBP “could edge above 1.2300 but is unlikely to threaten 1.2330″. However, it only touched 1.2285 before staging a surprisingly rapid pull-back (overnight low of 1.2208). The recent positive momentum indicators have turned neutral and GBP has likely moved into a consolidation phase. In other words, GBP is expected to trade sideways for today, likely between 1.2190 and 1.2260″. Next 1-3 weeks: “There is not much to add to last Friday’s (23 Aug, spot at 1.2245) update. As highlighted, while the current movement in GBP is viewed as a consolidation phase, the rapid rise last week suggests GBP would likely probe the top of the expected 1.2150/1.2380 range first in the coming days/weeks. For now, the prospect for a sustained advance above 1.2380 is not high. That said, the swift bounce from 1.2195 last Friday reinforces our view that the immediate risk is tilted to the upside”. 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 JPY Futures: cautious stance expected to persist FX Street 4 years Cable is expected to test the upper end of the range near 1.2380 in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: "We highlighted yesterday GBP "could edge above 1.2300 but is unlikely to threaten 1.2330". However, it only touched 1.2285 before staging a surprisingly rapid pull-back (overnight low of 1.2208). The recent positive momentum indicators have turned neutral and GBP has likely moved into a consolidation phase. In other words, GBP is expected to trade sideways for today, likely between 1.2190 and 1.2260". Next 1-3 weeks: "There is not much to add to last… 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.
