Cable is at the back foot and consolidating just above yesterday’s lows at 1.2440, where daily cloud top limited strong acceleration lower.
Support is reinforced by 55/100SMA bull-cross, Fibo 38.2% of 1.1986/1.2704 and 30SMA that lay 1.2430/15 zone.
Near-term studies are weak and see risk of further weakness, with daily indicators heading south and maintaining downside risk.
Sustained break below 1.2440/15 support zone would trigger stronger bearish acceleration and expose 1.2345 (07 Feb spike low), with possible extension towards 1.2260 (Fibo 61.8%) on break.
Broken bull-trendline off 1.1986 is now offering initial resistance at 1.2472 (reinforced by falling Tenkan-sen) that so far caps.
Extension above here would be seen as correction ahead of fresh weakness, as long as past two days tops at 1.2538/46 stay intact.
UK jobs data, due today, are eyed for fresh signals.
Res: 1.2472, 1.2500, 1.2546, 1.2580
Sup: 1.2440, 1.2421, 1.2415, 1.2345