Cable bounces on Thursday after two-day fall approached key supports at 1.2911/04 (daily cloud base/Fibo 61.8% of 1.2661/1.3297 rally). Oversold slow stochastic and strong headwinds from 1.29 support zone signal consolidation before bears resume. Strong dollar on upbeat US data and Brexit concerns continue to weigh on sterling and support bearish scenario. Firm break below 1.29 zone pivots would open way for extension towards next supports at 1.2811/1.2785 (Fibo 76.4% / 05 Sep trough). Cluster of barriers which starts with converging 55/5SMA’s (1.2985/90), followed by psychological 1.30 level / daily cloud top (1.3012) and30SMA (1.3021) is expected to cap upticks.
Res: 1.2990, 1.3012, 1.3021, 1.3054
Sup: 1.2922, 1.2904, 1.2811, 1.2785
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