Cable is in recovery mode on Monday and probes above 1.3100 barrier, after last week’s post-BoE’s fall stalled ahead of previous low of 06 Oct at 1.3026.
Recovery attempts face strong barrier from thick hourly cloud (spanned between 1.3113 and 1.3181, with cloud top being reinforced by daily Tenkan-sen), break of which would open next key barrier at 1.3214 (daily cloud base / daily Kijun-sen).
Extended recovery is expected to stall here and keep in play bears from 1.3655 (20 Sep high) for fresh attack at 1.3026 and psychological 1.3000 support.
Alternative scenario requires sustained break above 1.3337/20 (13 Oct / 01 Nov highs) to confirm double-bottom (1.3026/38) and spark stronger recovery of 1.3655/1.3026 fall.
Res: 1.3113, 1.3132, 1.3181, 1.3214
Sup: 1.3057, 1.3038, 1.3026, 1.3000
