Cable retested key 1.2800 resistance zone (daily cloud top/55SMA/daily Tenkan-sen) on rally after surprise BoE rate vote o Thursday but upside remains limited for now. Strong signal of indecision was generated by double long-legged Dojis on Wed/Thu, with mixed technical studies (bearishly aligned dailies and neutral to positive techs on lower timeframes). The pair needs to break out of initial 1.2700/1.2800 range to generate stronger direction signals. In absence of economic releases from the UK, focus turns towards US housing data, due later today. Bullish scenario on sustained break above 1.2800 zone would open resistances at: 1.2841/46 (daily Kijun-sen/Fibo 61.8% of 1.2977/1.2635 downleg), 1.2858 (falling 20SMA and 1.2883 (falling 30SMA). Alternatively, loss of 1.2700 support zone (near Fibo 61.8% of 1.2635/1.2617 recovery leg) would weaken near-term structure and re-focus near-term base at 1.2640 zone, reinforced by 100SMA.
Res: 1.2795, 1.2806, 1.2817, 1.2846
Sup: 1.2750, 1.2722, 1.2704, 1.2690
