Cable is holding within tight range in early Monday’s trading, as lack of news from main driver- Brexit keeps near-term action in quiet mode.
Fresh bulls from 1.2788 trough show initial signs of stall on approach to key 1.30 zone.
The action was repeatedly rejected at 1.2975 zone and Friday’s Shooting Star warns, with fading bullish momentum, adding to initial warnings.
Caution on break below 10DMA (1.2887) that would soften near-term structure and risk dip towards pivotal support at 1.2788 (21 Oct higher low, reinforced by rising 20DMA).
Sustained break here would generate initial reversal signal and open way towards key supports at 1.2709/00 (200DMA / Fibo 38.2% of 1.2195/1.3012 ascend).
Bulls are expected to remain in play for renewed attack at 1.30 zone while 10DMA holds.
Res: 1.2975, 1.3000, 1.3012, 1.3072
Sup: 1.2911, 1.2887, 1.2819, 1.2788
