FX Strategists at UOB Group expect Cable to remain bid in the next weeks, with the immediate target at the key 1.30 handle. Key Quotes “While our view for GBP/USD to strengthen was correct, the pace and extent of the advance has exceeded our expectation by a wide margin as GBP/USD rallied over the past couple of weeks and touched a 5-month high of 1.2988″. “The ease by which the 2-1/2 year declining trend line at 1.2720 was taken out coupled with strong and impulsive momentum suggests there is room for GBP/USD to advance further in the coming weeks. The next level to focus on above the round-number resistance of 1.3000 is at 1.3150, followed closely 1.3190. At 1.3150, GBP/USD would have retraced about 50% of the 2-1/2 -year decline from the April 2018 top of 1.4377 to the early September low of 1.1959. On the downside, support is at 1.2630 followed by 1.2400. The early September low of 1.1959 is but a distant memory and is highly unlikely to come into the picture anytime soon”. 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: Boris and sterling brace for more Brexit drama, some stability in trade, and Canada votes FX Street 3 years FX Strategists at UOB Group expect Cable to remain bid in the next weeks, with the immediate target at the key 1.30 handle. Key Quotes "While our view for GBP/USD to strengthen was correct, the pace and extent of the advance has exceeded our expectation by a wide margin as GBP/USD rallied over the past couple of weeks and touched a 5-month high of 1.2988". "The ease by which the 2-1/2 year declining trend line at 1.2720 was taken out coupled with strong and impulsive momentum suggests there is room for GBP/USD to advance further in the coming weeks. The… 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.
