Cable’s upside momentum could extend to the 1.3200 neighbourhood in the near-term, in opinion of FX Strategists at UOB Group. Key Quotes 24-hour view: “While our expectation for GBP to strengthen last Friday is correct, we underestimated the extent of the advance as GBP cracked the strong 1.3020 resistance and soared to 1.3053 (before extending its gains upon opening this morning). The rally is severely overbought now but is not showing sign of tiring just yet. In other words, GBP could advance further to 1.3130 (next resistance is at 1.3160). On the downside, a breach of 1.3020 would indicate the current strong advance has run its could (minor support is at 1.3040).” Next 1-3 weeks: “While our view that from Friday (06 Mar, spot at 1.2950) that GBP ‘is in a recovery phase and could move above 1.3020’ is correct, the pace of the advance exceeded our expectation as GBP soared to a high of 1.3053 during NY session on Friday (before extending its gains this morning). The stronger than expected recovery has room to extend further to 1.3200. At this stage, the prospect for a sustained advance above this level is not high. Looking forward, if GBP were to break above 1.3200, it would indicate last month’s 1.2726 low is more significant than expected currently. On the downside, the ‘strong support’ level has moved higher to 1.2960 from Friday’s level of 1.2850.” 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 WTI: Rebound intact above $32 even as IEA sees first contraction since 2009 due to coronavirus FX Street 3 years Cable’s upside momentum could extend to the 1.3200 neighbourhood in the near-term, in opinion of FX Strategists at UOB Group. Key Quotes 24-hour view: “While our expectation for GBP to strengthen last Friday is correct, we underestimated the extent of the advance as GBP cracked the strong 1.3020 resistance and soared to 1.3053 (before extending its gains upon opening this morning). The rally is severely overbought now but is not showing sign of tiring just yet. In other words, GBP could advance further to 1.3130 (next resistance is at 1.3160). On the downside, a breach of 1.3020 would indicate the… 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.