Cable could extend the up move to levels above the 1.2400 handle on a daily close beyond 1.2380, noted FX Strategists at UOB Group. Key Quotes 24-hour view: “Expectation for “further strength” did not materialize as GBP eased off and closed on a relatively soft note at 1.2288 (-0.36%). The recent strong upward pressure has waned and the current movement is viewed as the early stages of a consolidation phase. In other words, GBP is expected to trade sideways for today, likely between 1.2250 and 1.2330″. Next 1-3 weeks: “After the strong and rapid rise, a move above 1.2380 would not be surprising. However, the outsized gain over the past three days appears to be running ahead of itself and for now, we have doubts on whether GBP could maintain the pace of its current advance. That said, only a break of 1.2170 (strong support was at 1.2120 yesterday) would indicate the recovery phase has run its course. Looking ahead, if GBP were to close above 1.2380 in NY, it would suggest the recovery could extend to 1.2450, possibly 1.2500″. 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: extra rangebound likely FX Street 4 years Cable could extend the up move to levels above the 1.2400 handle on a daily close beyond 1.2380, noted FX Strategists at UOB Group. Key Quotes 24-hour view: "Expectation for "further strength" did not materialize as GBP eased off and closed on a relatively soft note at 1.2288 (-0.36%). The recent strong upward pressure has waned and the current movement is viewed as the early stages of a consolidation phase. In other words, GBP is expected to trade sideways for today, likely between 1.2250 and 1.2330". Next 1-3 weeks: "After the strong and rapid rise, a move above 1.2380 would… 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.
