According to FX Strategists at UOB Group, the near term outlook on Cable has now shifted to neutral from bearish. Key Quotes 24-hour view: “We expected a higher GBP last Friday but were of the view that “a sustained gain above 1.3290 would come as a surprise”. GBP rose briefly to touch a high of 1.3315 before easing off quickly to close at 1.3265 in NY. While upward pressure has eased, it is too early to expect a significant pull-back. GBP is more likely to consolidate and trade sideways at these higher levels. Expected range for today; 1.3230/1.3310″. Next 1-3 weeks: “We highlighted last Friday (22 Jun, spot at 1.3245) that the “bearish phase appears to be close to ending” and the subsequent break of the ‘stop-loss’ at 1.3290 indicates that the outlook for GBP has shifted to neutral. Last week’s 1.3102 low is deemed as a short-term bottom and the current movement is viewed as the early stages of a consolidation phase. The immediate bias is tilted to the upside but at this stage, any up-move is viewed as part of a 1.3175/1.3360 consolidation range and not the start of a sustained directional move”. 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 US: Economy to grow significantly above potential – Nomura FX Street 3 years According to FX Strategists at UOB Group, the near term outlook on Cable has now shifted to neutral from bearish. Key Quotes 24-hour view: "We expected a higher GBP last Friday but were of the view that "a sustained gain above 1.3290 would come as a surprise". GBP rose briefly to touch a high of 1.3315 before easing off quickly to close at 1.3265 in NY. While upward pressure has eased, it is too early to expect a significant pull-back. GBP is more likely to consolidate and trade sideways at these higher levels. Expected range for today; 1.3230/1.3310". Next 1-3… 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.
