Cable managed to regain traction after Wednesday’s dip to 1.4014 which dented key supports (rising 20SMA/daily cloud top), where losses were contained. Subsequent recovery was again capped by 10SMA (1.4087) which marks key near-term barrier. Near-term action is moving within narrowing range, defined by 20&10SMA’s and looking for a catalyst for fresh direction. Daily techs are bullishly aligned and supportive, but lacking momentum for final break through pivots at 1.408t (10SMA) and 1.4099 (Fibo 38.2% of 1.4243/1.4010) to resume recovery leg from 1.4010 higher base. On the other side, daily cloud is narrowing and twists in mid-April, which could attract for fresh weakness. Release of UK Services PMI is in focus today (Mar f/c 53.9 vs Feb 54.5), with better than expected outcome to trigger final push through 1.41 zone pivots. Conversely, downbeat figure could soften near-term tone and risk retest of key supports at 1.4010/00 zone.
Res: 1.4086, 1.4099, 1.4126, 1.4154
Sup: 1.4046, 1.4034, 1.4010, 1.3993
