Extended consolidation within daily cloud awaits fresh Brexit news
Cable holds in choppy and directionless mode within daily cloud following Monday’s pullback from new one-month high and close in red.
Huge bullish daily candle from last Friday when pound surged on renewed hopes for Brexit deal, continues to underpin, as daily studies remain bullish.
Bullish bias is expected to stay in play for renewed attempt towards key barrier at 1.3184 (Fibo 61.8% of 1.3381/1.2856) while daily cloud base (1.3077) and Fibo 38.2% of 1.2865/1.3179 (1.3060) hold dips.
Bearish signal can be expected on firm break lower.
Markets will be closely watching for any news from UK Tory and Labor parties Brexit talks which continue today.
Res: 1.3103; 1.3131; 1.3179; 1.3184
Sup: 1.3087; 1.3077; 1.3060; 1.3042
