Cable generated fresh bullish signal after Tuesday’s strong rally that closed well above daily cloud and today’s probe above psychological 1.2500 barrier. Near-term focus is turning towards next objective at 1.2563/68 (Fibo 76.4% of 1.2704/1.2107/24 Feb high), however, the pair is showing hesitation at 1.2476 pivot (Fibo 61.8% retracement), as fresh bulls cracked barrier, but require daily close above it, to confirm continuation. Meantime, overbought slow stochastic, but so far without reversal signal, suggests extended consolidation. Broken 100SMA (currently at 1.2412) is expected to contain and keep intact a cluster of supports that lies below. Only return below daily cloud (spanned between 1.2356 and 1.2404) would sideline near-term bulls.
Res: 1.2504, 1.2521, 1.2568, 1.2580
Sup: 1.2462, 1.2412, 1.2404, 1.2382
