Cable ticked higher after overnight’s dips were contained by thick hourly cloud (1.3303/1.3275) which offers immediate support and keeps the downside protected.
Near-term bias remains with bulls for retest of Friday’s spike high at 1.3359 and extension towards next target at 1.3415 (Fibo 61.8% of 1.3655/1.3026 descend.
Friday’s bullish outside day supports the notion, however, the pair may stay in extended consolidation before bulls resume, as slow stochastic on daily chart is reversing from overbought territory. Also, daily cloud is twisting next week and may attract.
Strong supports at 1.3276/60 zone (daily cloud top/55SMA) should keep the downside protected.
Res: 1.3359, 1.3415, 1.3455, 1.3506
Sup: 1.3303, 1.3276, 1.3260, 1.3249
