Cable regained traction and bounced near Asian high at 1.2863 on bullish acceleration from European session low at 1.2768. Fresh strength emerged after a poll published on Wednesday showed an increase of the lead of Conservative party to 15 percentage points. The latest rally sidelined immediate downside risk, despite the pair cracked previous low at 1.2775, as the price remains well above pivotal support at 1.2786 (Fibo 38.2% of 1.2365/1.3047 rally and is on track for the fourth consecutive daily close above the support. However, the downside is expected to remain at risk, as formation of 10/20SMA and daily Tenkan-sen/Kijun-sen bear crosses is seen as bearish signal. Only sustained break above 1.2900/20 resistance zone would provide relief and signal stronger retracement of pullback from 1.3047 (18 May peak).
Res: 1.2866; 1.2887; 1.2909; 1.2920
Sup: 1.2823; 1.2809; 1.2786; 1.2768
