Cable started trading on Tuesday at the back foot and penetrated into thick hourly cloud (spanned between 1.2957/08) following repeated rejection on approach to psychological 1.3000 barrier and Monday’s close in red.
Overall structure remains bullish and favors further upside with final break through 1.3000 pivot to attack strong resistance at 1.3088 (base of falling weekly Ichimoku cloud).
Strong supports at 1.2915/08 (rising 10SMA / daily Tenkan-sen) are expected to ideally contain and keep the structure intact, however, extended dips can be expected on violation of these supports.
Higher low of 04 May at 1.2830 marks key near-term support, loss of which would signal deeper correction and expose next pivotal supports at 1.2770/55.
Res: 1.2953, 1.2987, 1.3000, 1.3088
Sup: 1.2915, 1.2908, 1.2860, 1.2830
