Cable holds positive tone and rallies towards initial barrier at 1.3988 (30SMA/Thu high) after generating bullish signal on strong downside rejection at 1.3856 on Thursday.
Bullish acceleration in early European trading is forming reversal pattern on daily chart, confirmation of which requires lift and close above 1.40 barrier (20SMA /50% of 1.4144/1.3856 downleg).
Fresh bullish momentum is building (north-heading 14-d momentum is attempting to break into positive territory) and supports the notion, however, bulls need to clear 1.40 barrier to confirm scenario.
Broken 10SMA marks initial support at 1.3952, followed by session low at 1.3923 and 1.3900 support (50% of 1.3457/1.4344 rally) loss of which will generate bearish signal.
Res: 1.4000, 1.4034, 1.4049, 1.4076
Sup: 1.3952, 1.3923, 1.3900, 1.3856
 after generating bullish signal on strong downside rejection at 1.3856 on Thursday. Bullish acceleration in early European trading is forming reversal pattern on daily chart, confirmation of which requires lift and close above 1.40 barrier (20SMA /50% of 1.4144/1.3856 downleg).){kind=link}