Cable is seen gathering extra downside traction in the next weeks, although a test of 1.2700 still remains unlikely, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “Instead of trading sideways, GBP edged to a high of 1.2844 before ending the day on a firm note at 1.2815. The improved underlying tone suggests GBP could continue to edge higher towards 1.2860. For today, the strong resistance at 1.2900 is not expected to come into the picture. On the downside, only a move below 1.2770 would indicate the current mild upward pressure has eased (minor support is at 1.2800).” Next 1-3 weeks: “While we indicated last Friday that a ‘NY close below 1.2820 would suggest GBP is ready to embark of a sustained decline’, we were of the view ‘the prospect for such a scenario is low for now’. However, GBP sliced through 1.2820 and plunged to a 4-1/2 -month low of 1.2726 before snapping back up to end the day at 1.2821 (-0.48%). The break of 1.2820 has exposed the downside in GBP even though 1.2700 is a strong support and may not come into the picture so soon. To look at it another way, GBP could consolidate for a couple of days first before making a run for 1.2700. On the upside, only a move above 1.2900 (‘strong resistance’ level) would indicate that GBP is not ready to move lower just yet.” 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 NZD/USD edges higher to 0.6300 area ahead of key US data FX Street 3 years Cable is seen gathering extra downside traction in the next weeks, although a test of 1.2700 still remains unlikely, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “Instead of trading sideways, GBP edged to a high of 1.2844 before ending the day on a firm note at 1.2815. The improved underlying tone suggests GBP could continue to edge higher towards 1.2860. For today, the strong resistance at 1.2900 is not expected to come into the picture. On the downside, only a move below 1.2770 would indicate the current mild upward pressure has eased (minor support is at 1.2800).”… 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.