Cable pulls back from new one-month high at 1.3179 (posted after 1.17% rally on Friday) as traders booked profits and dollar strengthens fresh on safe-haven demand.
Consolidation holds within daily cloud for now (rising 55SMA offered support at 1.3102), with overall structure being bullish.
Key supports at 1.3077 (daily cloud base) and 1.3060 (Fibo 38.2% of 1.2865/1.3179) need to hold and keep bullish bias for renewed attack at pivotal barriers at 1.3184/96 (Fibo 61.8% of 1.3381/1.2856 / 3 Apr monthly high) violation of which would boost bullish signal on Friday’s penetration and close within thick weekly cloud.
Risk of deeper pullback can be expected on sustained break below daily cloud base / Fibo support.
Res: 1.3157, 1.3179, 1.3184, 1.3196
Sup: 1.3102, 1.3077, 1.3060, 1.3045
