Cable holds within narrow range in early Wednesday’s trading with near-term structure being negatively aligned following Tuesday’s close in red and brief probe through key support at 1.3460. Overall weak UK jobs data released on Tuesday, weighed on sterling along with formation of 10/200SMA death-cross, but firm break below 1.3460 (congestion floor) is needed to signal bearish continuation and expose next pivotal support at 1.3442 (Fibo 38.2% of 1.1930/1.4376 post-Brexit recovery). Strong barriers at 1.3450 zone (base of thick 4-hr cloud / 200SMA) are expected to cap and maintain bearish bias.
Res: 1.3520, 1.3545, 1.3550, 1.3571
Sup: 1.3484, 1.3460, 1.3442, 1.3400
