Recovery extension brings new 2020 high in focus again
Cable extends recovery on Wednesday’s early US session trading after dollar accelerated lower and erased all gains from better than expected US durable goods data.
The pair advanced 0.67% on Tuesday and confirmed reversal signal on Monday’s inverted hammer.
Fresh gains tested pivotal barriers at 1.3161/85 (cracked bear-trendline off 4.4376 high / Fibo 61.8% of 1.3266/1.3053), shifting near term focus higher after repeated rejection at week-long congestion floor.
Bullish setup of daily studies supports the action which needs today’s close above 1.3185 pivot for fresh signal and renewed attempt at key 1.3243/66 barriers (Fibo 61.8% of 1.4376/1.1409 fall / new 2020 high).
Res: 1.3200; 1.3243; 1.3266; 1.3300
Sup: 1.3161; 1.3117; 1.2103; 1.3056
