Cable is consolidating under session high at 1.2941 after nearly fully reversing Wednesday’s fall that extended to 1.2830 low on Thursday.
Dips failed to clearly break below daily Tenkan-sen support at 1.2870, which continues to underpin the action. Near-term focus turned again towards 1.2965 pivot (28 Apr high), firm break of which is needed for final push towards initial 1.3000 target and possible extension towards 1.3080 (weekly cloud base).
Extended consolidation could be expected while 1.2865 high stays intact, with downside to stay protected by daily 10SMA/Tenkan-sen (1.2888/70).
Conversely, fresh downside risk could be expected on loss of Thursday’s low at 1.2830, which would expose next strong supports at 1.2770/55.
Res: 1.2945, 1.2963, 1.3000, 1.3080
Sup: 1.2900, 1.2888, 1.2870, 1.2830
