Cable rises to new one-week high on Wednesday, as better than expected UK CPI figures in October added to pair’s positive near-term tone.
Fresh advance from 1.3106/09 higher base (12/13 Nov) extends into fourth day and pressures key obstacles at 1.3291/1.3311 (Fibo 76.4% of 1.3482/1.2675/11 Nov high).
Break here to signal continuation of larger uptrend from 1.2675 (23 Sep low) and unmask key med-term barriers at 1.3482/1.3514 (highs of 1Sep 2020/13 Dec 2019).
Rising 10 DMA (1.3199) and broken Fibo 61.8% (1.3173) offer solid supports which are expected to hold dips and keep bulls intact.
Res: 1.3291, 1.3311, 1.3357, 1.3402
Sup: 1.3241, 1.3218, 1.3199, 1.3173
