GBPUSD is holding within narrow consolidation above fresh low at 1.2169; downside remains vulnerable as the daily 10SMA continues to cap
|Cable is holding above 1.2200 handle, after bouncing from fresh low at 1.2169, posted on Friday, but upside action remains limited for now, despite bullish signals from long-tailed daily candles of Fri / Mon.
Strong bearish setup of daily studies maintains downside pressure, with upticks being so far capped under 1.2250 (50% of 2.2330/1.2169 downleg).
Lack of strength to clearly break above daily 10SMA (currently at 1.2234), keeps immediate risk at the downside. Only sustained break above 1.2234/50 barriers would weaken near-term bears and allow for stronger correction of the downleg from 1.2330 recovery top and expose upper triggers at 1.2269 (Fibo 61.8% of 1.2330/1.2169) and 1.2296 (20 Oct high).
Res: 1.2247; 1.2269; 1.2296; 1.2330
Sup: 1.2208; 1.2183; 1.2169; 1.2134
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