Cable is consolidating after 0.6% drop on Thursday, as bears faced headwinds at 1.2400 zone, prompting some profit-taking.
Upticks seen as price adjustment ahead of fresh push lower and expected to stall under 1.2470 zone (5DMA / broken Fibo 23.6% of 1.1802/1.2679), to offer better levels for attack at strong supports at 1.2344/35 (Fibo 38.2% / top of rising daily cloud).
Bearishly aligned daily studies support scenario as 14-d momentum is still in negative territory and MA’s (5/10/20) formed multiple bear-crosses.
Caution on close above 1.2470, which would weaken bears, but lift through 1.2514 (converged 10/20DMA) is needed to confirm signal and bring bulls back to play.
Res: 1.2444; 1.2470; 1.2514; 1.2546.
Sup: 1.2391; 1.2344; 1.2335; 1.2268.
