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Cable hits two-month high after inflation data, but bulls lack traction to sustain gains

Cable rose to two-month high (1.2761) on Wednesday, after UK inflation data for April showed that prices pressure eased below expectations, hurting bets for BoE’s June rate cut.

Fresh acceleration higher generates initial signal of bullish continuation after the price action held in a sideways mode in past two days and struggling to register a clear break above 1.2700 round-figure barrier, which proved to be a significant obstacle.

Traders stayed in a quiet mode in the past few sessions, awaiting release of April inflation data, which initially dented bets that the BoE would start easing its monetary from June.

Fresh advance probed through pivotal Fibo barrier at 1.2753 (Fibo 76.4% of 1.2893/1.2299) but needs to register a daily close above here to confirm signal.

Daily studies are in full bullish configuration (positive momentum remains strong / MA’s created a number of bull-crosses / north-heading daily Tenkan / Kijun-sen in bullish setup and converging), but overbought conditions likely contributed to subsequent pullback from new high and may continue to obstruct bulls.

According to the current technical picture and the latest economic data, dips should be shallow (ideally to be contained above 1.2700 handle and not to exceed broken Fibo 61.8% (1.2666) to keep bulls intact for firm break of 1.2753 pivot, which would expose targets at 1.2803 (Mar 23 lower top) and 1.2893 (2024 high, posted on Mar 8).

Res: 1.2753; 1.2761; 1.2803; 1.2823
Sup: 1.2700; 1.2666; 1.2635; 1.2602