Cable keeps the bearish outlook intact in the near term, according to FX Strategists at UOB Group. Key Quotes 24-hour view: “While the sharp decline in GBP to an overnight low of 1.3151 appears to be running ahead of itself, there is no sign of stabilization just yet. From here, a dip below the overnight low seems likely but in view of the oversold conditions, the prospect for a sustained move below 1.3125 is not high (1.3100 is another strong support). Resistance is at 1.3215 but stabilization is only upon a move back above 1.3240″. Next 1-3 weeks: “GBP plummeted below the previous year-to-date low of 1.3205 yesterday and hit 1.3151. The break of the key 1.3205 level suggests that GBP has reentered a bearish phase. However, after the sharp decline last month, indicators have to fully unwound and any weakness from here is likely to be grinding and last November’s low of 1.3040 is likely out of reach this time round (1.3100 is already a strong support). That said, the outlook for GBP is deemed as bearish until the ‘stop-loss’ at 1.3290 is taken out”. 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 Preview: central bankers’ panel discussion at ECB Forum in Sintra FX Street 5 years Cable keeps the bearish outlook intact in the near term, according to FX Strategists at UOB Group. Key Quotes 24-hour view: "While the sharp decline in GBP to an overnight low of 1.3151 appears to be running ahead of itself, there is no sign of stabilization just yet. From here, a dip below the overnight low seems likely but in view of the oversold conditions, the prospect for a sustained move below 1.3125 is not high (1.3100 is another strong support). Resistance is at 1.3215 but stabilization is only upon a move back above 1.3240". Next 1-3 weeks: "GBP plummeted… 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.