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Cable remains within extended consolidation but negative signals developing on weekly chart

Cable is holding near 1.24 handle at the start of US session on Friday and within daily range between 1.2376 and 1.2446.

Mixed UK economic data (retail sales / PMI) failed to provide stronger direction signal, keeping the price within some 120 pips congestion which extends into fifth consecutive day.

Falling 14-momentum is touching the centreline and threatening of bearish signal on break into negative territory, but near-term action is expected to remain biased higher while holding above strong support at 1.2370 zone (Fibo 23.6% of 1.1802/1.2545) where the higher base has formed after several attacks failed to register clear break lower.

Weekly close above 1.2370 base would keep the pair within prolonged sideways mode, but the downside to remain vulnerable while the action holds at the lower side of larger 1.2442/1.2545 range.

Additional negative signals are developing on weekly chart, as bullish momentum is fading, stochastic is emerging from overbought territory and the action is on track to leave the second consecutive tight weekly Doji candle.

This signals indecision as larger bulls are losing traction and likely to repeatedly fail to register weekly close above former tops at 1.2447 (Dec 14 / Jan 23).

Await clearer signals on break of either 1.2370 base or 1.2474 near-term congestion top.

Res: 1.2474; 1.2500; 1.2525; 1.2545
Sup: 1.2370; 1.2343; 1.2274; 1.2190