In opinion of FX Strategists at UOB Group, Cable could still extend the recovery in the short-term horizon.

Key Quotes

24-hour view: “The strong rally in GBP that resulted in a whopping gain of +2.84% (NY close of 1.2210) came as a surprise. Upward momentum remains robust and while overbought, the current rally could extend towards 1.2330. The next resistance at 1.2400 is likely out of reach. Support is at 1.1.2150 followed by 1.2050.”

Next 1-3 weeks: “The outsized surge of +2.84% (NY close of 1.2210) came as a surprise. The breach of our 1.2150 ‘strong resistance’ indicates that the sell-off earlier this month is ready to take a breather. To look at it another way, last Friday’s (20 Mar) 1.1413 low is deemed as a short-term bottom. The current recovery has scope to extend higher but at this stage, the prospect for a move beyond 1.2550 is not high. On the downside, 1.1880 (‘strong support’ level) is expected to be strong enough to hold, at least for one week or so.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

AUD/USD drops back towards 0.6200 on RBA's FSR

Australian dollar ran through fresh offers on the RBA’s Financial Stability Review (FSR), as it highlighted the elevated risks to the economy due to the coronavirus outbreak. AUD/USD drops sharply towards 0.6200, having faced rejection near 0.6250. 

AUD/USD News

USD/JPY holds in neutral territory awaiting Fed's Powell

USD/JPY has been holding in consolidation and ranged sideways between 108.60 and 109.10 overnight. Fed's Powell and US jobs will be the final scheduled catalysts for the holiday-shortened week.

USD/JPY News

WTI: On the front foot above weekly resistance-turned-support

WTI nears the weekly top after breaking the short-term resistance line, now support. A sustained run-up could aim to fill the March month’s gap. 50% Fibonacci retracement, 200-HMA restrict near-term declines.

Oil News

Gold is consolidated in the $1640s in wind-down markets ahead of Fed's Powell

The markets are quieter in Asia following a strong performance on Wall Street with US stocks bouncing back from the prior session's lows. Gold has moved into consolidation between $1,647.60 and $1,650.

Gold News

What to expect from OPEC and G20

Equities and currencies traded higher today after Dr. Fauci, the US’ Director of National Institute of Allergy and Infectious Diseases said there could be a COVID-19 turnaround next week.

Read more

Forex MAJORS

Cryptocurrencies

Signatures