Sterling was lifted by downbeat US data and pressuring pivotal barrier

Cable cracked 1.2300 barrier on fresh acceleration after a very disappointing US Empire State index results (Jan -32.9 vs -8.7 f/c and Dec -11.2) deflated dollar.
Bulls tightened grip after consolidating in past two day, however, daily stochastic emerged from overbought territory, suggesting that the upleg from 1.1841 (Jan low) may hold in extended consolidation, before bulls resume.
Firm break of 1.2300/04 (round figure / Fibo 76.4% of 1.2446/1.1842) would signal bullish continuation and expose key barrier at 1.2446 (multi-month high, posted on Dec 14).
Near-term bias is expected to stay with bulls while the action holds above 1.2140 zone (converged 10/30DMA’s / broken Fibo 50% of 1.2446/1.1842).

Res: 1.2304; 1.2344; 1.2400; 1.2446
Sup: 1.2215; 1.2169; 1.2142; 1.2093