Cable remains under pressure in early Monday’s trading and attempts to extend strong pullback from 1.2704 peak, after the price broke below short-term bull-channel.
Near-term bears eyes strong support zone between 1.2430 and 1.2390 (thin daily cloud / Fibo 38.2% of 1.1986/1.2704 / 100SMA), break of which is needed to confirm reversal and open way for further easing.
Sustained break lower is expected to open way towards 1.2345 (daily Kijun-sen) and 1.2260 (Fibo 61.8%) in extension
Daily Tenkan-sen (currently at 1.2557) offers solid resistance that should cap corrective upticks.
Res: 1.2496, 1.2536, 1.2557, 1.2600
Sup: 1.2430, 1.2411, 1.2390, 1.2345