Cable is consolidating above 100SMA (1.2413) which so far contained strong two-day fall from 1.2553 high. Recovery attempts were so far limited, keeping the downside at risk, as the pair is awaiting UK Services PMI data for fresh signals. Negative tone is prevailing on near-term studies and could be boosted if UK data disappoint. This could result in final break below 100SMA and attack at next supports at 1.2360 (daily Kijun-sen) and 1.2345 (daily cloud base), loss of which would generate strong bearish signals. At the upside, key barriers lay at 1.2494/97 (daily Kijun-sen / Ichimoku cloud top) and only sustained break above would sideline downside threats. Daily cloud is narrowing and lowering tops continue to weigh.
Res: 1.2446, 1.2494, 1.2529, 1.2553
Sup: 1.2413, 1.2390, 1.2374, 1.2360
