Slobodan Drvenica
Windsor Brokers
Cable fell further after being hit by S&P's threat of another UK credit rating cut. Extension of bearish acceleration on Tuesday broke below key near-term support at 1.2635 (09 June low, reinforced by 100SMA) and posted fresh two-month low at 1.2610. Repeated upside rejections at daily cloud top and subsequent weakness, brought daily studies in full bearish setup which along with growing negative sentiment, turns focus towards next strong supports at 1.2556/48 (200SMA/daily cloud base). Close below 1.2635/25 pivots (09 June low/Fibo 61.8% of 1.2365/1.3047 bull-phase) is needed to confirm bearish continuation.
Res: 1.2645; 1.2666; 1.2700; 1.2757
Sup: 1.2600; 1.2556; 1.2548; 1.2526
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