Cable is consolidating above bull-channel support at 1.2500 that contained yesterday’s strong fall.
Long bearish daily candle that was formed yesterday weighs on market and risks further weakness.
Break below channel support would open way towards next strong supports at 1.2430 (daily cloud top) and 1.2411 (31 Jan former correction low).
Extended corrective upticks from 1.2500 support zone should stay capped under 1.2600/30 pivots, with repeated close below daily Tenkan-sen line (currently at 1.2557) needed for stronger bearish signal.
Release of US NFP data is expected to be key market driver today that would give clearer direction picture.
Res: 1.2557, 1.2582, 1.2600, 1.2630
Sup: 1.2500, 1.2430, 1.2411, 1.2395
