Cable stands at the back foot in early Tuesday’s trading, following strong upside rejection at key near-term barrier at 1.3051 (Fibo 61.8% 1.3125/1.2932 pullback / 19 July high) on Monday (the price hit daily high at 1.3058 but closed at 1.3026).
Good offers lay at 1.3050 zone and keep near-term bias shifted lower for retest of strong support at 1.3000 (psychological level / hourly cloud top / rising daily Tenkan-sen).
Bullish daily studies favor further upside, with 1.3000 handle required to hold dips and sustained break above 1.3051 needed to re-focus targets at 1.3100/25, as weaker dollar supports pound’s bulls.
Return below 1.3000 (also trendline support) and extension below 1.2980 (base of thick 4-hr cloud) would weaken near-term tone and risk return to key near-term support at 1.2931 (20 July correction low / Fibo 61.8% of 1.2811/1.3125 rally).
Res: 1.3051, 1.3080, 1.3100, 1.3125
Sup: 1.3013, 1.3000, 1.2980, 1.2968
