Bears consolidate above pivotal Fibo support before resuming


Cable is trading within narrow in Tuesday’s European session but remains biased lower, following six consecutive days in red.
The sentiment weakened significantly on PM Johnson hard stance over Brexit which increased fears of no-deal scenario at the end of 2020 and prompted traders to heavily sell pound.
Monday’s close below psychological 1.30 support and probe below pivotal support at 1.2919 (38.2% of 1.1958/1.3514) were strong bearish signals, despite dip being contained by rising 55DMA and failure to close below 1.2919 pivot.
Rising bearish momentum on daily chart supports further weakness and attack at 1.2840 target (top of rising thick daily cloud).
Barriers at 1.30 (psychological) and 1.3013 (broken 30DMA) are expected to cap upticks and keep bears in play.

Res: 1.2947; 1.2980; 1.3000; 1.3013
Sup: 1.2904; 1.2879; 1.2840; 1.2822