Cable probes below triangle support line in early Friday, after repeated rejections at the upper boundary of the pattern, signaled that bulls are lacking momentum, despite positive UK inflation data.
Fresh weakness is mainly driven by strength of the dollar on growing hopes that the Fed may start tightening earlier than expected.
Daily studies show fresh negative momentum and moving averages back to a bearish setup that supports a negative scenario, which requires close below the triangle, to signal an end of a corrective phase.
Conversely, the extended sideways mode could be expected on failure to break lower and return to triangle, while lift above the triangle would generate bullish signal.
Res: 1.3853; 1.3875; 1.3904; 1.3929.
Sup: 1.3791; 1.3755; 1.3731; 1.3688.
Written by Admin
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