Cable stood at the back foot in Asia, with upside being capped by thick 4-hr cloud at 1.3400 and accelerated through strong supports at 1.3350/42 (rising 20SMA / Fibo 61.8% of 1.3148/1.3655 upleg / 28 Sep former correction low) in early European trading.
Near-term bears are pressuring next pivot at 1.3318 (Fibo 38.2% of 1.2773/1.3655 rally) break of which would further weaken near-term structure for stronger correction of 1.2773/1.3655 and risk extension towards former top of 03 Aug at 1.3268 and daily Kijun-sen at 1.3253.
Thick 4-hr cloud (1.3400/1.3525) continues to heavily weigh on near term action and should cap corrective upticks.
UK Manufacturing PMI data for September are due today (56.4 f/c vs 56.9 in Aug) and will be closely watched for fresh signals.
Res: 1.3374, 1.3400, 1.3455, 1.3488
Sup: 1.3318, 1.3268, 1.3253, 1.3195
