Cable’s upside momentum could extend to the 1.2975 level in the near term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “We highlighted last Friday that the “bias is for further GBP strength even though the strong 1.2930 level is likely out of reach”. Our expectation was correct as GBP rose to 1.2919 before closing at 1.2903. However, the strong opening this morning has led to further improvement in momentum and GBP could extend its advance to 1.2950. The next resistance at 1.2975 is a strong level and is unlikely to come into the picture for today. On the downside, only a move below 1.2875 would indicate that the current upward pressure has eased (minor support is at 1.2900)”. Next 1-3 weeks: “While the top of our expected sideway-trading range of 1.2770/1.2930 (first highlighted last Tuesday, 12 Nov when GBP was trading at 1.2855) is intact, the underlying tone in GBP has improved as it closed on a firm note in NY last Friday (1.2903, +0.16%). From here, GBP could edge higher in the coming days and test the strong 1.2975 resistance. At this stage, the prospect for GBP to move to last month’s peak at 1.3012 is not high. On the downside, a move below 1.2850 would indicate the current mild 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 Crypto Today: Cryptocurrencies emerge in the US 2020 Democratic Party presidential primaries Here’s what you need to know on Monday FX Street 3 years Cable's upside momentum could extend to the 1.2975 level in the near term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: "We highlighted last Friday that the "bias is for further GBP strength even though the strong 1.2930 level is likely out of reach". Our expectation was correct as GBP rose to 1.2919 before closing at 1.2903. However, the strong opening this morning has led to further improvement in momentum and GBP could extend its advance to 1.2950. The next resistance at 1.2975 is a strong level and is unlikely to come into the picture for today. On… 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.
