Cable is consolidating above strong support at 1.2931; n/t risk remains skewed lower
|Cable is trading higher on Friday and pressuring 1.3000 level, now reverted to resistance, after four-day weakness off 1.3125 peak found footstep at strong 1.2931 support (Fibo 61.8% of 1.2811/1.3125 upleg/rising 20 SMA). Sterling remains under pressure on weaker than expected UK inflation numbers which have reduced the risk of BoE rate hike and may extend weakness, as daily cloud is twisting next week (1.2760) and may attract for fresh bears. Sustained break below 1.2931 pivot would open targets at 1.2885 (55SMA) and 1.2857 (daily Kijun-sen). Corrective upticks should be ideally capped at 1.3000 zone, as descending hourly cloud (1.3010/1.3040) weighs on near-term action. Only firm break above 1.3050 (Fibo 61.8% of 1.3125/1.2932 pullback) would neutralize existing downside threats and shift near-term focus higher.
Res: 1.3000; 1.3040; 1.3050; 1.3080
Sup: 1.2953; 1.2931; 1.2885; 1.2857
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