Cable entered near-term consolidation phase above 1.2155 target (Fibo 76.4% of 1.1986/1.2704 rally) which was cracked on Wednesday. The pair hit new seven-week low at 1.2137, but failed to confirm break on close below 1.2155.
This is seen as key near-term point, break of which would open way towards key short-term support at 1.1986 (16 Jan low).
Firmly bearish technical studies favor further weakness, with initial offers standing just above 1.2200 barrier (yesterday’s high), while lower platform at 1.2300 (reinforced by falling daily Tenkan-sen) marks strong resistance and the upper breakpoint.
Res: 1.2212, 1.2250, 1.2300, 1.2345
Sup: 1.2155, 1.2137, 1.2100, 1.2035
