Cable extends its steep fall into fifth straight day and dented pivotal Fibo support at 1.208 (76.4% of larger 1.1409/1.4249 Mar 2020/May 2021 rally), after fresh bearish signal was generated on Monday’s close below former 2022 low at 1.2155.
Near-term focus shifts towards psychological 1.20 support and Sep 2019 low at 1.1958, which guard Mar 2020 spike low at 1.1409, but overstretched daily studies suggest the action may pause for consolidation before larger bears resume.
Former key support at 1.2155 reverted to strong resistance, which should ideally keep the upside protected.
Res: 1.2155; 1.2207; 1.2276; 1.2301.
Sup: 1.2034; 1.2000; 1.1958; 1.1899.
