Cable extended Thursday’s recovery from 1.2410 zone where hourly higher base has formed and spiked to 1.2500 barrier on upbeat UK retail sales data. Fresh rally probed again above important 1.2490 barrier (Fibo 38.2% of 1.2671/1.2378 downleg) which so far resisted several attacks that were capped by daily Tenkan-sen line at 1.2511.
Near-term studies are neutral, while daily technicals are mixed but holding strong momentum, however, sustained break above Tenkan-sen pivot is needed to improve the outlook and signal further upside.
Next strong barrier lies at 1.2580 (base of falling daily cloud) which guards breakpoint at 1.2671 (11 Nov recovery peak).
Repeated failure at Tenkan-sen barrier would signal prolonged sideways action, with markets are focusing on US inflation numbers and speech from Fed chief Yellen, later today.
On the downside, daily Kijun-sen line marks first pivot at 1.2375, ahead of 1.2350 (09 Nov trough) loss of which will be bearish.
Res: 1.2490, 1.2511, 1.2559, 1.2602
Sup: 1.2453, 1.2410, 1.2375, 1.2350
Cable - Fresh Recovery Stays Capped Under Daily Tenkan-Sen Pivot
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