Cable hit fresh marginally higher multi-month high at 1.2987 in early Monday’s trading but is so far unable to clear psychological 1.3000 barrier.
Overall structure is firmly bullish as the pair rallied for four straight weeks with last week’s long-tailed bullish candle underpinning the action.
However, extended hesitation at important 1.3000 barrier could be anticipated, as firmly bullish daily studies are overextended.
Rising daily 10SMA/Tenkan-sen offer solid supports at 1.2900 zone, with extended correction to hold above last week’s low at 1.2830 and keep firm bullish structure intact.
Break above 1.3000 barrier would look for extension towards next strong barrier at 1.3088 (base of falling thick weekly cloud).
Res: 1.2987, 1.3000, 1.3088, 1.3101
Sup: 1.2946, 1.2900, 1.2860, 1.2830
