Cable remains at the back foot on Friday after BoE’s minutes and weaker than expected UK disappointed traders. The pair is holding just above Thursday’s low at 1.2847, being under pressure on weak near-term technicals and rising downside risk after multiple rejection ahead of psychological 1.3000 barrier.
Break below 20SMA at 1.2862, would open 1.2830 (04 May trough), loss of which would generate stronger bearish signal and expose pivotal support at 1.2751 (Fibo 38.2% of 1.2370/1.2986 upleg).
US CPI and Retail Sales data, due later today, are in focus for firmer direction signals, as forecasts are positive and releases at/above would boost the greenback and send pound into deeper correction.
Res: 1.2911, 1.2946, 1.2986, 1.3000
Sup: 1.2847, 1.2830, 1.2770, 1.2750
