Bears eye 100DMA and 2023 low at 1.1841
Cable maintains firm bearish tone on Friday and extends steep fall into third consecutive day.
Friday’s action holds below psychological 1.20 level, which reverted to solid barrier, with fresh bearish acceleration probing below next significant support at 1.1938 (200DMA) and pressuring 100DMA (1.1900), the last obstacle on the way towards key support at 1.1841 (2023 low of Jan 6).
Break of the latter would complete a double-top pattern and weaken the larger structure, opening way for a deeper correction of 1.0348/1.2447 advance.
Upticks should remain under 1.20 barrier to keep fresh bears intact.
Res: 1.1984; 1.2000; 1.2072; 1.2092
Sup: 1.1900; 1.1841; 1.1796; 1.1763