Cable is expected to weaken further in the next weeks, in opinion of FX Strategists at UOB Group. Key Quotes 24-hour view: “While our view for GBP to weaken yesterday was not wrong, we underestimated the downward momentum as GBP plunged to a low of 1.2711 (we were of the view that a sustained decline below 1.2763 is unlikely). From here, further GBP weakness is not ruled out but in view of the oversold conditions, the next support at 1.2650 is likely out of reach for now (1.2680 is a relatively strong support). Resistance is at 1.2780 followed by 1.2810.” Next 1-3 weeks: “Yesterday (22 Sep, spot at 1.2820), we expected GBP ‘to trade with a downward bias towards 1.2730’ and we highlighted that GBP ‘has to close below this level before further weakness can be expected’. GBP subsequently dropped to 1.2711 before closing at 1.2734. While GBP did not close below 1.2730, downward momentum has improved considerably. In other words, GBP is likely to weaken further. The next support is at 1.2650. The current negative outlook for GBP is deemed as intact as long as it does not move above 1.2860 (‘strong resistance’ level was at 1.2930 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 Forex Today: US dollar’s haven demand in vogue ahead of a busy day FX Street 2 years Cable is expected to weaken further in the next weeks, in opinion of FX Strategists at UOB Group. Key Quotes 24-hour view: “While our view for GBP to weaken yesterday was not wrong, we underestimated the downward momentum as GBP plunged to a low of 1.2711 (we were of the view that a sustained decline below 1.2763 is unlikely). From here, further GBP weakness is not ruled out but in view of the oversold conditions, the next support at 1.2650 is likely out of reach for now (1.2680 is a relatively strong support). Resistance is at 1.2780 followed by 1.2810.”… 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.