Cable posted fresh multi-month high at 1.3157 on Thursday and eventually broke above previous high at 1.3125, after Wednesday’s strong post-Fed rally peaked at 1.3122.
Strong bullish signal has been generated on eventual close above important barrier at 1.3109 (Fibo 38.2% of 1.5106/1.1930 descend) which resisted several attacks in past two weeks.
Close above 1.3125 barrier would signal fresh bullish extension towards Fibo 138.2% projection at 1.3225, with corrective action to be anticipated in the near-term as daily indicators are approaching overbought zone.
Initial support lies at 1.3105 (session low/near Fibo 38.2% of Wed/Thu 1.2998/1.3157 rally), followed by 1.3060 (Fibo 61.8%) and key near-term support at 1.3000.
Res: 1.3157, 1.3200, 1.3225, 1.3245
Sup: 1.3120, 1.3105, 1.3060, 1.3000
