Quiet mode on lack of Brexit news but sentiment is positive
Cable regained traction after the latest Brexit turmoil, as shallow pullback from new high at 1.3012 found footstep just above rising 10DMA (1.2840)
Positive close on Wednesday’s and overnight’s fresh extension higher, mark initial signals of bullish continuation , however, more evidence is needed to confirm the pattern.
Bullish sentiment remains intact and renewed attack at 1.30 zone can be anticipated, as daily MA’s are full bullish setup and bullish momentum is rising again.
On the other side, stochastic is still heading south and partially offset positive signals, but Brexit remains key driver and lack of fresh news may keep the pair between 1.2840 and 1.30 pivots.
Break of either side would provide initial direction signal, with bullish continuation to focus 100WMA (1.3084) and 200WMA (1.3147) in extension.
Break lower would require extension through 200DMA (1.2714) to signal reversal.
Res: 1.2950; 1.2985; 1.3012; 1.3084
Sup: 1.2899; 1.2840; 1.2820; 1.2764