Downside risk is growing in the near-term as cable is probing into daily cloud and weakness dented next support at 1.2485 (Fibo 38.2% of 1.2374/1.2613 rally, reinforced by rising 10SMA).
Easing from fresh recovery high at 1.2553 was accelerated by today’s UK Manufacturing PMI miss (Mar 54.2 vs 55.1 f/c and 54.5 in Feb).
We are looking for today’s close which could further weaken near-term structure and risk deeper pullback on close in the cloud and below Fibo 38.2% support.
Otherwise, close above daily cloud would keep in play hopes for fresh upside attempts, as daily studies remain in firm bullish setup.
Res: 1.2528; 1.2557; 1.2568; 1.2613
Sup: 1.2478; 1.2443; 1.2414; 1.2401