Cable holds positive tone on Monday but so far holding within narrow consolidation, following Thursday’s long-tailed Hammer and strong rally on Friday which completed reversal pattern on daily chart. Strong bullish momentum and 10/20/30SMA back to bullish setup, support scenario for attack at 1.2788 (falling 55SMA) and 31 Dec spike high at 1.2814, violation of which would generate fresh bullish signals. Broken 10 SMA (1.2673) is expected to hold and keep bulls in play.
Res: 1.2788, 1.2814, 1.2850, 1.2880
Sup: 1.2714, 1.2673, 1.2644, 1.2615
