Cable broke below thin daily cloud and met next target at 1.2345 (daily Kijun-sen) on today’s strong acceleration lower.
Rising bearish pressure sees risk of further downside action towards 1.2260 (Fibo 61.8% of 1.1986/1.2704 rally).
Meantime, the fall may pause at Kijun-sen support, as slow stochastic is breaking into oversold territory.
Corrective upticks are expected to precede of fresh weakness, as sentiment is negative.
Broken daily cloud (spanned between 1.2388 and 1.2426) marks good resistance, with extended correction to be capped by broken falling 100SMA (currently at 1.2457).
Res: 1.2388, 1.2426, 1.2457, 1.2485
Sup: 1.2345, 1.2300, 1.2260, 1.2200
