Cable remains firmly in red and approaches next target at 1.2155 (Fibo 76.4% of 1.1986/1.2704 rally), after Monday’s close below 1.2260 pivot (Fibo 61.8%) generated strong signal of bearish continuation. Fundamentals are adding on downside pressure from firmly bearish technical studies that may extend bear-leg from 1.2300 lower base towards January’s low at 1.1986. Slow stochastic is oversold on daily chart but so far without firmer bullish signals, however, consolidative/corrective action could be anticipated in the near-term. Session high and hourly lower base at 1.2212 marks initial resistance, ahead of former triple upside rejection at 1.2300 and falling 10SMA at 1.2327 that are expected to cap extended upticks.
Res: 1.2212, 1.2262, 1.2300, 1.2327
Sup: 1.2155, 1.2119, 1.2035, 1.2000
