Cable stays in red for the second straight day and dipped to one-week low at 1.3150, retracing 76.4% of 1.3101/1.3315 recovery leg.
Tuesday’s bearish engulfing and daily techs in bearish setup weigh on near-term action, with negative sentiment being soured by expectations over Brexit’s impact on British economy, as well as doubts whether the BoE will raise interest rates this year.
Fresh weakness pushed the price back into weekly cloud after unsuccessful attempt to break above and pressures key near-term support at 1.3101 (21 Jun spike low).
Firm break here is needed to complete corrective phase and open way for test of psychological 1.30 support.
Falling 10SMA tracks descend and marks solid resistance at 1.3229.
Res: 1.3191; 1.3229; 1.3299; 1.3323
Sup: 1.3146; 1.3101; 1.3038; 1.3000
