Consolidation likely to precede push towards 1.20 target
Cable is consolidating under new multi-week high (1.1854) reinforced by cracked Fibo 76.4% of 1.2293/1.0348 (1.1834), where last week’s strong rally faced headwinds.
Bulls remain firmly in play despite overextended daily studies, boosted by weekly bullish engulfing pattern, pressuring 1.1834 Fibo pivot, break of which would open way for attack at psychological 1.20 barrier.
Converged 5/100DMA’s are about to form bull-cross (1.1655) and offer good support which should protect the downside and keep focus at the upside.
Only loss of pivotal 1.1550/1500 support zone (broken Fibo 61.8% / 10DMA / psychological) would harm bulls and signal deeper pullback.
Res: 1.1854; 1.1900; 1.2000; 1.2048
Sup: 1.1743; 1.1655; 1.1645; 1.1550