In light of the recent price action, Cable still targets the 1.3760 area in the next weeks, noted FX Strategists at UOB Group. Key Quotes 24-hour view: “We expected GBP to strengthen further yesterday but we were of the view that it ‘may not be able to maintain a foothold above last week’s peak at 1.3703’. GBP subsequently rose to 1.3701 before retreating quickly. While upward pressure has eased, the decline from 1.3701 is viewed as part of a consolidation phase and not the start of a deeper pullback. In other words, GBP is likely to trade sideways for today, expected to be within a 1.3600/1.3700 range.” Next 1-3 weeks: “Two days ago (11 Jan, spot at 1.3525), we highlighted that ‘a daily closing below 1.3460 could lead to GBP moving lower to 1.3400’. GBP subsequently dipped to 1.3451 before staging a surprisingly sharp rise yesterday to a high of 1.3670. The prospect for GBP weakness has dissipated and while the risk has shifted to the upside, any advance is expected to face solid resistance at 1.3760. Overall, GBP is expected to trade with an upward bias with 1.3550 acting as ‘strong support’ level.” 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 AUD/USD extends the bounce above 0.7750 as USD bulls take a breather FX Street 2 years In light of the recent price action, Cable still targets the 1.3760 area in the next weeks, noted FX Strategists at UOB Group. Key Quotes 24-hour view: “We expected GBP to strengthen further yesterday but we were of the view that it ‘may not be able to maintain a foothold above last week’s peak at 1.3703’. GBP subsequently rose to 1.3701 before retreating quickly. While upward pressure has eased, the decline from 1.3701 is viewed as part of a consolidation phase and not the start of a deeper pullback. In other words, GBP is likely to trade sideways for today,… 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.
