Cable probed below 1.33 mark and cracked 2022 low (1.3272) posted on Feb 24 when war in Ukraine started but failed to sustain break and holding above pivotal 1.33 level (Fibo 76.4% of 1.3161/1.3748) so far.
Near-term outlook remains grim, as conflict resumes, keeping in play strong risk aversion that lifts the dollar.
Technical studies also point to the downside, as Tuesday’s large bearish daily candle weighs, adding to strengthening negative momentum and moving averages in full bearish on daily chart.
Firm break of 1.33 handle would generate fresh bearish signal and open way for test of Dec 8 low at 1.3161.
Failure to clear 1.33 level would signal extended consolidation but bias will remain with bears while the tops of past three days (1.3435 zone) cap.
Res: 1.3338; 1.3385; 1.3435; 1.3455.
Sup: 1.3300; 1.3271; 1.3240; 1.3197.
