Cable faces a potential move to the 1.3670 level in the short-term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “While we expected GBP to weaken yesterday, we were of the view that ‘the next support at 1.3750 is unlikely to come under threat’. The ease by which GBP plummeted through 1.3750 came as a surprise (overnight low of 1.3725). The rapid decline is deep in oversold territory but robust downward momentum could lead to a test of 1.3700. For today, the March low near 1.3670 is likely out of reach. On the upside, a break of 1.3800 (minor resistance is at 1.3770) would indicate that the current weakness has stabilized.” Next 1-3 weeks: “Yesterday (07 Apr, spot at 1.3830), we highlighted that the ‘outlook is mixed’ and we expected GBP to ‘trade between 1.3750 and 1.3950’. However, GBP easily cracked 1.3750 as it fell to 1.3725. While the two days of back-to-back sharp drop appears to be overdone, there is room for GBP to test last month’s low near 1.3670. At this stage, the prospect for a sustained decline below this level is not high. Overall, current downward pressure is deemed intact as long as GBP does not move above 1.3840.” 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 ECB’s Lane: Inflation is significantly volatile amid the pandemic FX Street 2 years Cable faces a potential move to the 1.3670 level in the short-term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: "While we expected GBP to weaken yesterday, we were of the view that 'the next support at 1.3750 is unlikely to come under threat'. The ease by which GBP plummeted through 1.3750 came as a surprise (overnight low of 1.3725). The rapid decline is deep in oversold territory but robust downward momentum could lead to a test of 1.3700. For today, the March low near 1.3670 is likely out of reach. On the upside, a break of 1.3800… 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.
