Cable’s view remains constructive, although a test of tops in the 1.3010 region seems unlikely in the near-term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “We highlighted yesterday the “combination of lackluster momentum and overbought conditions suggest 1.2985 could be a short-term top”. We added, “GBP is more likely to consolidate and trade sideways within a1.2915/1.2975 range”. GBP subsequently slipped from an Asian hours high of 1.2970 to a low of 1.2911 during NY session. The underlying tone has weakened and from here, the risk is tilted to the downside towards 1.2900. The next support at 1.2875 is likely ‘safe’ for today. Resistance is at 1.2950 followed by 1.2975″. Next 1-3 weeks: “After GBP popped to 1.2985 on Monday, we highlighted yesterday (19 Nov, spot at 1.2950) that “while upward momentum has picked up, the prospect for GBP to move above last month’s peak at 1.3012 is still not that high”. The retreat in GBP yesterday (1.2925, -0.20%) reinforces our view but only a break of 1.2875 (no change in ‘strong support’ level) would indicate the current mild upward pressure has eased. Looking forward, if GBP were to move below 1.2875, it could trade sideways for a period”. 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 sees Eurozone economic recovery in next year or two FX Street 3 years Cable's view remains constructive, although a test of tops in the 1.3010 region seems unlikely in the near-term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: "We highlighted yesterday the "combination of lackluster momentum and overbought conditions suggest 1.2985 could be a short-term top". We added, "GBP is more likely to consolidate and trade sideways within a1.2915/1.2975 range". GBP subsequently slipped from an Asian hours high of 1.2970 to a low of 1.2911 during NY session. The underlying tone has weakened and from here, the risk is tilted to the downside towards 1.2900. The next support at 1.2875… 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.
