Cable traded within tight range in Asia on Tuesday, capped by 20SMA for the third straight day, which could increase risk of reversal on repeated failure.
Negative momentum studies and overbought slow stochastic keep near-term risk skewed lower but bearish scenario requires confirmation on close below 10SMA (1.3254).
This could open way for further weakness through Monday’s low at 1.3221 which could extend towards key support at 1.3101 (21 June low).
On the other side, hopes for fresh attack at 20SMA barrier remain alive while near-term action holds above 10SMA / top of thick hourly cloud (1.3255).
Res: 1.3290, 1.3308, 1.3330, 1.3384
Sup: 1.3255, 1.3243, 1.3221, 1.3204
