Cable sold off from this week's ~1.3248 open into YTD lows near 1.3140 on soft UK PMIs (Services 48.7) and UK political risk, then clawed back above 1.3200 on a softer USD post-PCE. Thin Asia-session bars now have price drifting back to 1.3192, sitting below EMA20 but holding above EMA50, with the 1.3232 week high capping the recovery.
Support: 1.3150, 1.31399, 1.31399
Resistance: 1.32317, 1.3245
What it said to watch
UK GDP Tue 06:00 UTC could materially shift this read
H1 close above 1.3245 needed to neutralise the bearish setup
Cable opened the week near 1.3247 and sold off to YTD lows at 1.3140 after the soft UK PMIs and the Labour leadership vacuum, before a USD-led bounce dragged price back above 1.3200 to a 1.3232 week high. Since then H1 has stalled into a tight consolidation around 1.3194, capped by EMA20 near 1.3200 with RSI(14) hovering mid-range. The 1.3232/1.3245 zone remains the ceiling that has fenced in this recovery.
Support: 1.3190, 1.3140, 1.3110
Resistance: 1.3200, 1.3232, 1.3245
What it said to watch
H1 close above 1.3245 would neutralise the bearish setup
Failure to hold 1.3190 reopens the 1.3140 YTD low and 1.3110
UK GDP Tue 06:00 UTC could materially shift this read
Cable based around the 1.3140 YTD low early-week and has clawed back above 1.3200 for a second day on a softer USD after the in-line PCE print, though the bounce stalled at the 1.3232 week high in the NY session. Price now sits just below the H1 EMA(20) near 1.3205 with RSI(14) mid-range; higher lows off the 1.3140 base have held the recovery so far. The 1.3245 fade zone remains the well-flagged cap on rebounds.
Support: 1.31858, 1.3140
Resistance: 1.3205, 1.32317, 1.3245
What it said to watch
H1 close above 1.3232 week high reopens the 1.3245 fade zone
Loss of the 1.3186 swing low exposes the 1.3140 ytd low
UK GDP Tue 06:00 UTC could materially shift this read