Cable is holding high levels and probes again through 1.2900 barrier on Thursday after being lifted by strong UK jobs data and dovish Fed minutes on Wednesday.
Overall structure remains negative and sees risk of further downside after completion of current consolidative phase above daily cloud top / 100SMA (currently at 1.2865) and Fibo 61.8% support at 1.2848.
Plethora of strong barriers lies above, starting with sideways-moving 55SMA (1.2930), followed by daily Tenkan-sen in steep descend (1.2950), which should ideally cap recovery attempts and guard pivots at 1.3000/31 (psychological barrier / 11 Aug lower top).
UK Retail Sales are in focus today (0.2% f/c for July vs 0.6% in June) with weaker than expected release to put pound under fresh pressure for retest of key supports at 1.2840/48 zone and with increased downside risk on firm break lower.
Res: 1.2908, 1.2930, 1.2950, 1.2965
Sup: 1.2879, 1.2865, 1.2840, 1.2811
