UOB Group’s FX Strategists noted the outlook for Cable remains negative for the next weeks. Key Quotes 24-hour view: “Yesterday, we highlighted that ‘while oversold, the swift and sharp decline in GBP has room to move to 1.3700, with decent odds for extension to 1.3660’. While GBP breached 1.3700 as expected, the subsequent weakness did not reach 1.3660 (low of 1.3675). Conditions remain oversold but there is scope for the weakness in GBP to test 1.3660 first before stabilizing. For today, the next support at 1.3630 is unlikely to come into the picture. On the upside, a break of 1.3755 (minor resistance is at 1.3730) would indicate the current downward pressure has eased.” Next 1-3 weeks: “We turned negative on GBP yesterday (24 Mar, spot at 1.3745) and there is no change in our view. GBP easily took out 1.3700 as it dropped to 1.3675. As highlighted, the next support below 1.3700 is at 1.3660 followed by 1.3600. The negative phase is deemed intact as long as GBP does not move above 1.3810 (‘strong resistance’ level was at 1.3850 yesterday).” 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 Chilliz Price Prediction: CHZ breaks bearish, hints at 45% sell-off FX Street 8 months UOB Group's FX Strategists noted the outlook for Cable remains negative for the next weeks. Key Quotes 24-hour view: "Yesterday, we highlighted that 'while oversold, the swift and sharp decline in GBP has room to move to 1.3700, with decent odds for extension to 1.3660'. While GBP breached 1.3700 as expected, the subsequent weakness did not reach 1.3660 (low of 1.3675). Conditions remain oversold but there is scope for the weakness in GBP to test 1.3660 first before stabilizing. For today, the next support at 1.3630 is unlikely to come into the picture. On the upside, a break of 1.3755… Top 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.
