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Cable is standing at the back foot ahead BoE rate decision

Cable remains in red for the third straight day after larger bulls faced increased headwinds on approach to strong barriers at 1.2877/93 (200WMA / base of thickening monthly Ichimoku cloud).

A positive reaction to UK May CPI data in early Wednesday (annualized inflation steadied at 8.7% and above 8.4% consensus but core inflation rose to 7.1% from 6.8%) was short-lived, as probe above 1.2800 mark on Wednesday morning was quickly erased on over one hundred pips drop, which pushed the price to one-week low.

Daily studies are mixed as MA’s remain in full bullish setup, but positive momentum is fading and RSI / stochastic emerged from overbought territory and heading south, lacking clearer technical signals for now.

The pound could be additionally weighed by Fed’s latest fresh hawkish shift and growing uncertainty about UK recession, though Thursday’s BoE rate decision could add support to the currency as increasing bets for 50 basis points hike instead of initial 25 bp and upward revision of terminal rate to nearly 6% would make sterling more attractive for investors.

Pivotal supports lay at 1.2681 (10DMA) and 1.2641 (Fibo 38.2% of 1.2307/1.2848 upleg), with firm break here to further weaken near-term structure and risk deeper pullback.

New 2023 high (1.2848, June 16) marks upper pivot, violation of which would generate initial signal of bullish continuation.

Res: 1.2806; 1.2848; 1.2875; 1.2946
Sup: 1.2681; 1.2641; 1.2578; 1.2526