Cable is holding firm bullish tone in early Wednesday’s trading, following strong rally on Tuesday (0.77% up for the day, the biggest one-day rally since 31 July). Bullish acceleration on Tuesday eventually broke and closed above key barriers at 1.3000 (psychological) and 1.3020 (daily cloud top/Kijun-sen line). This generated strong bullish signal for extension towards next target at 1.3079 (Fibo 61.8% of 1.3268/1.2773 descend and possible further advance on break of the latter. Former key barriers at 1.3020/00 are now reverted to supports which should ideally contain, but deeper corrective dips on overbought daily studies cannot be ruled out. Next good supports lay at 1.2978 (30SMA) and 1.2960 (55SMA).
Res: 1.3044, 1.3079, 1.3100, 1.3151
Sup: 1.3020, 1.3000, 1.2978, 1.2960
