Cable should continue to trade within the broad 1.29-1.32 range for the time being, according to FX Strategists at UOB Group. Key Quotes 24-hour view: “We highlighted yesterday that the ‘rebound in GBP has scope to extend higher within an overall 1.2995/1.3080 range’. GBP subsequently rose to 1.3069 before staging a surprisingly sharp drop to an overnight low of 1.2957. The rapid swings have resulted in a mixed outlook and from here, GBP could trade in a choppy manner within a broad range of 1.2940/1.3060.” Next 1-3 weeks: “GBP reversed an initial bounce to 1.3070 yesterday and dropped quickly back to a low of 1.2957. The choppy price action reinforces our view from Tuesday (04 Feb, spot at 1.3000) wherein the outlook for GBP is mixed and it ‘could trade in an erratic manner between the two major levels of 1.2900 and 1.3200’. Looking forward, prospect for a breach of 1.2900 appears to be higher and as this level is a mid-term support, a break of this level could lead to a deep pullback in GBP.” 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: China lifts market mood by cutting tariffs, coronavirus fears fade, cryptos climb FX Street 2 years Cable should continue to trade within the broad 1.29-1.32 range for the time being, according to FX Strategists at UOB Group. Key Quotes 24-hour view: “We highlighted yesterday that the ‘rebound in GBP has scope to extend higher within an overall 1.2995/1.3080 range’. GBP subsequently rose to 1.3069 before staging a surprisingly sharp drop to an overnight low of 1.2957. The rapid swings have resulted in a mixed outlook and from here, GBP could trade in a choppy manner within a broad range of 1.2940/1.3060.” Next 1-3 weeks: “GBP reversed an initial bounce to 1.3070 yesterday and dropped quickly back… 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.
