In opinion of FX Strategists at UOB Group, Cable could have charted and interim low and is now expected to move into a consolidation range. Key Quotes 24-hour view: “Our view that GBP “’is still likely in a consolidation’ was wrong as it soared to an overnight high of 1.3008 before easing off. The rapid rise appears to be overdone and further sustained GBP strength appears unlikely. From here, GBP could drift downwards but any weakness is viewed as a lower trading range of 1.2890/1.3010 (a sustained decline below 1.2890 is not expected).” Next 1-3 weeks: “Two days on 15 Sep (spot at 1.2845), we highlighted the waning downward momentum and held the view that GBP ‘has to close below 1.2795 within these few days or prospect for further weakness would diminish quickly’. GBP easily cracked our ‘strong resistance’ level of 1.2950 yesterday as it soared to a high of 1.3008. The price action suggests that the negative phase that started earlier last week has likely made an interim low at 1.2763. From here, GBP could consolidate between 1.2800 and 1.3100 for a period of time before attempting to move below 1.2763.” 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 Crude Oil Futures: Probable correction lower near-term FX Street 2 years In opinion of FX Strategists at UOB Group, Cable could have charted and interim low and is now expected to move into a consolidation range. Key Quotes 24-hour view: “Our view that GBP “’is still likely in a consolidation’ was wrong as it soared to an overnight high of 1.3008 before easing off. The rapid rise appears to be overdone and further sustained GBP strength appears unlikely. From here, GBP could drift downwards but any weakness is viewed as a lower trading range of 1.2890/1.3010 (a sustained decline below 1.2890 is not expected).” Next 1-3 weeks: “Two days on 15… 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.