Cable accelerated higher after Yellen’s JH speech and rose above daily cloud base at 1.2857, which was seen as pivotal barrier and expected to cap corrective upticks.
Near-term shorts have been stopped, with stronger correction seen as likely scenario as fresh rally is forming Morning Doji Star reversal pattern on daily chart.
Acceleration faced next barrier at 1.2890 (100SMA / Fibo 23.6% of 1.3268/1.2773 descend) which guards next pivot provided by daily cloud top and the ceiling of former consolidation range at 1.2912/17.
Break of these barriers would generate bullish signal for further bullish acceleration and expose next barrier at 1.2962 (Fibo 38.2% of 1.3268/1.2773).
Daily indicators are turning north and support scenario.
Res: 1.2890; 1.2912; 1.2924; 1.2962
Sup: 1.2857; 1.2831; 1.2793; 1.2773
