Cable remains under pressure on Monday and probes again through 100DMA (1.3508) which contained Friday’s drop (the pair was down 0.5% for the day) as pound came under increased pressure from better than expected US jobs data which inflated dollar.
Fresh weakness cracks next pivotal supports at 1.3497/92 (daily cloud top / 50% retracement of 1.3357/1.3627 rally) with daily close below here to further weaken near-term structure and confirm lower top at 1.3627 (Feb 3 high) and expose supports at 1.3461/21 (Fibo 61.8% and 76.4% of 1.3357/1.3627 respectively).
Daily RSI is heading south and 14-d momentum remains in the negative territory, adding to bearish signals.
Session high at 1.3552 (reinforced by 20DMA) marks solid resistance which should keep the upside protected and keep near-term bears in play.
Res: 1.3524; 1.3552; 1.3564; 1.3600.
Sup: 1.3490; 1.3461; 1.3421; 1.3400.
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