Cable is taking a breather under new multi-month high after weekly advance of over 2%

Cable is consolidating under new 15-month high (1.3141) on Friday, as bulls started to lose traction after advancing 7.5% this week.

A pause after six straight days of uninterrupted rally looks like logical scenario, as traders look for a partial profit-taking and studies are overstretched on daily chart.

However, correction is unlikely to be deep, as the dollar remains under increased pressure by receding US inflation and growing signs that the Fed will soon end rate hikes, with expectations that easing would start early next year.

Broken psychological 1.30 barrier reverted to support which should ideally keep the downside protected and offer better levels for dip-buying ahead of fresh push higher and challenge of next target at 1.3328 (Fibo 76.4% of larger 1.4249/1.0348 downtrend).

Only return below 200WMA (1.2885), former pivotal resistance, now strong support, would put bulls on hold.

Res: 1.3141; 1.3200; 1.3298; 1.3328
Sup: 1.3076; 1.3000; 1.2885; 1.2795