Cable was dragged by weaker Euro after German court announcement and hit session low at 1.2420, but better than expected UK PMI data (Services Apr 13.4 vs 12.2 f/c/Composite Apr 13.8 vs 12.9 f/c) offset negative impact and inflated pound again.
The pair bounced from daily Kijun-sen (1.2405) which contained yesterday’s extension of two-day pullback and offering solid support for now, but the dollar remains firm and may weigh on fresh recovery attempts.
Daily studies lack clearer signal as MA’s are mixed and momentum and RSI in the neutrality zone. Daily Tenkan-sen (1.2470) marks initial barrier, with break here and above round-figure 1.2500 to ease downside risk. Conversely, close below Kijun-sen would weaken near-term structure and risk dip towards daily cloud top (1.2309).
Res: 1.2470, 1.2500, 1.2524, 1.2599
Sup: 1.2405, 1.2355, 1.2309, 1.2247
