In opinion of FX Strategists at UOB Group, Cable should meet the next key hurdle at the 1.30 neighbourhood. Key Quotes 24-hour view: “We highlighted yesterday that GBP “could move above 1.2800 but odds for a sustained rise beyond 1.2850 are not high”. However, GBP surged to a high of 1.2877 before retreating quickly. While the current rally is overbought, it is too early to expect a sustained pullback. There is still room for further GBP strength but the pace of any advance is likely to be slower. From here, barring a move below 1.2740 (minor support at 1.2780), GBP could edge higher but a sustained break of 1.2920 appears unlikely”. Next 1-3 weeks: “GBP continues with its stupendous rally as the 1.2850 level indicated just yesterday (16 Oct, spot at 1.2765) was quickly exceeded (overnight high 1.2877). As the next resistance of note is some distance away at 1.3000, the current impulsive momentum could continue to carry GBP higher in the coming days. Support is at 1.2740 but only a break of 1.2630 (‘strong support’ was at 1.2530 yesterday) would indicate the current rally in GBP has run its course”. 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 Gold lacks any firm direction, stuck in a range around $1490 area FX Street 4 years In opinion of FX Strategists at UOB Group, Cable should meet the next key hurdle at the 1.30 neighbourhood. Key Quotes 24-hour view: "We highlighted yesterday that GBP "could move above 1.2800 but odds for a sustained rise beyond 1.2850 are not high". However, GBP surged to a high of 1.2877 before retreating quickly. While the current rally is overbought, it is too early to expect a sustained pullback. There is still room for further GBP strength but the pace of any advance is likely to be slower. From here, barring a move below 1.2740 (minor support at 1.2780), GBP… 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.
