Sat, Jun 10, 2023 @ 17:47 GMT
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Cable – Strong Supports At 1.2440 Zone Hold For Now But Downside Remains At Risk

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

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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