Cable remains within around 100-pips congestion in the near-term and so far unable clearly break above psychological 1.3000 barrier (Friday’s spike to 1.3031 and close marginally above 1.3000 on weak US data, proved short-lived). Strong barriers at 1.3040 (daily Kijun-sen) and 1.3064 (Fibo 38.2% of 1.3268/1.2939 downleg/formation of 10/20SMA bear-cross) stay out of reach for now and weigh on near-term action. Mixed technical studies on daily chart see no clear direction in the near-term, with violation of pivotal points at 1.3064 of 1.2930 needed for stronger signal. Release of UK inflation data on Tuesday (2.7% f/c for July vs 2.6% in June) and UK jobs data on Wednesday could provide stronger signals.
Res: 1.3020, 1.3031, 1.3064, 1.3103
Sup: 1.2979, 1.2951, 1.2930, 1.2900
