Cable edged lower on Friday as dollar remain firm on safe-haven demand and much weaker than expected UK retail sales in March added to negative tone.
Bears emerged after Thursday’s Doji with long upper shadow which signaled indecision and recovery attempts losing traction.
Fresh weakness probes through falling narrow daily cloud which starts to thicken today and may pressure the action on firm break lower.
Daily studies are mixed and lack clearer direction signal, with break and close below 30DMA (1.2227) to weaken near-term structure for test of key supports at 1.2174/64 (Fibo 38.2% of 1.1409/1.2647 / 7 Apr trough).
Solid barrier lays at 1.2400 (20DMA) which capped the action in past two days and price is expected to keep bearish bias while holding below.
Res: 1.2360, 1.2400, 1.2415, 1.2430
Sup: 1.2298, 1.2274, 1.2247, 1.2227
