No clear direction while the price holds between 10 & 20SMA’s
Cable is taking a breather after strong fall on Thursday and consolidating above strong supports at 1.2789/81 (10SMA / bear-channel support line) which stayed intact, keeping risk of further weakness sidelined, despite formation of reversal pattern on daily chart.
Mixed daily techs lack firmer direction signal, as the price holds between falling 20SMA (currently at 1.2882) and north-turning 10SMA (1.2789), with break of either barrier expected to generate firmer direction signal.
On the other side, risk of stronger recovery remains as Doji reversal pattern is forming on weekly chart, but close above 1.2729 (Fibo 38.2% of 1.3362/1.2661 downleg) is needed to confirm scenario.
Res: 1.2848; 1.2881; 1.2929; 1.2961
Sup: 1.2800; 1.2789; 1.2766; 1.2726