Cable probed again through pivotal Fibo barrier at 1.3243 (61.8% of 1.4376/1.1409) and approached new 2020 high (1.3266), inflated by better than expected UK retail sales data, but failed to break higher. Upbeat UK PMI’s should also contribute, but the action is weighed down Euro’s attempts to correct deeper before resuming uptrend. Fading bullish momentum and south-heading RSI/stochastic add to negative signals, suggesting that sterling may ease further after triple rejection at key Fibo barrier, which could also create a bull-trap on weekly chart. Key supports at 1.3000/1.2918 (higher base / 200DMA) are expected to hold and keep bulls in play.
Res: 1.3224, 1.3243, 1.3300, 1.3339
Sup: 1.3156, 1.3110, 1.3077, 1.3000
