Cable is holding within narrow consolidation in early Friday’s trading after strong rally in past two days which peaked at 1.3464. Thursday’s long-legged daily candle suggests bulls might be running out of steam, but overall structure remains firm. Consolidation is expected to hold above 10SMA (1.3412) to keep bullish bias intact for fresh upside towards 1.3500+. Conversely, loss of 10 SMA handle would weaken near-term structure with extension below rising 20SMA (1.3380) to signal reversal.
Res: 1.3447, 1.3464, 1.3491, 1.3520
Sup: 1.3412, 1.3380, 1.3364, 1.3305
