Cable caught bid on higher European stocks on Thursday and put bears on hold after falling 0.8% previous day.
Near-term action is weighed by fresh risk aversion and negative daily studies with consolidation expected to precede push towards key supports at 1.2356 (Fibo 61.8% 1.2074/1.2813) and 1.2335 (22 June low).
Falling 10DMA (1.2486) marks pivotal resistance which needs to cap to maintain bearish bias. Markets turn focus towards next week’s resumption of UK/EU trade negotiations which may provide stronger direction signal.
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Res: 1.2463, 1.2464, 1.2486, 1.2530
Sup: 1.2403, 1.2356, 1.2335, 1.2300
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