Cable accelerated to new seven-week low after broader bears ended narrow recovery during Asian/European trading, with fresh weakness of Euro, pulling sterling lower. Also, the greenback was higher across the board on strong Wall St start on Thursday, adding to negative tone. The pair holds in strong bearish mode and is on track for the second strong bearish daily performance. Fresh weakness approaches targets at 1.2811 (Fibo 76.4% of 1.2661/1.3297) and 1.2785 (05 Sep trough), violation of which would open way towards key support at 1.2661 (15 Aug low). Uncertainty over Brexit talks which stalled last week, maintains strong bearish pressure, along with bearish daily/weekly techs, with the pair being on track for the biggest weekly fall since the first week of August.
Res: 1.2904; 1.2921; 1.2941; 1.2992
Sup: 1.2811; 1.2785; 1.2729; 1.2697