Bears continue to struggle at 1.30 support but remain in play
Cable remains biased lower, but bears continue to struggle at psychological 1.30 support and unable to clearly break lower for over one month.
Technical studies on daily and weekly charts show strong negative momentum, with bearish signals being reinforced by 5/200WMA death-cross and likely repeated monthly close below pivotal Fibo support at 1.3164 (38.2% of 1.1409/1.4249 rally).
However, the pair needs firm break of 1.30 pivot to signal continuation of larger downtrend from 1.4249 (June 2021 peak) and end a month-long sideways mode.
Upticks should stay capped under 1.3050 (10DMA) to keep bears intact and guard an upper pivots at 1.3100 zone (Fibo 38.2% of 1.3298/1.2972 bear-leg / 20/30 DMA’s) violation of which would sideline bears and open way for stronger rebound.
Res: 1.3050; 1.3089; 1.3100; 1.3135
Sup: 1.3000; 1.2972; 1.2900; 1.2855