Cable regains traction on optimistic news
Bulls tighten grip on Monday, driven by news of possible Biden-Putin meeting over Ukraine that revived risk appetite at the beginning of the week.
Fresh strength pressures tops of past two days (1.3638/42) which lay just ahead of pivotal Fibo barrier at 1.3656 (76.4% of 1.3748/1.3357), break of which would expose 200DMA (1.3685) and open way for attack at 2022 high (1.3748, posted on Jan 13).
The action is supported by bullish daily studies, although weakening bullish momentum may slow the advance for extended consolidation.
Solid bids at 1.3600 (former key resistance reverted to support) and 1.3566 (rising 10DM) should contain dips and offer better buying opportunities.
Res: 1.3642; 1.3656; 1.3685; 1.3748
Sup: 1.3600; 1.3582; 1.3566; 1.3553