Cable is maintaining bullish near-term bias after strong rally on Thursday that posted new, marginally higher high at 1.2914 but closed few pips below previous top at 1.2904.
Technicals are bullish but overbought on both, daily and weekly chart and warn of correction, although no firmer bearish signals seen so far.
The pair is awaiting release of UK Q1 GDP data, which may boost the price towards 1.2950/1.3000 targets on upside surprise, while release below expectation would deflate the price and risk test pivotal supports at 1.2806 (rising 10SMA) and 1.2770 (former consolidation floor).
Res: 1.2914, 1.2944, 1.3000, 1.3055
Sup: 1.2886, 1.2837, 1.2806, 1.2770
