Cable returned to back to the range after strong rally on Thursday probed above psychological 1.3000 barrier peaked at 1.3046 (the highest since Oct 2016).
The pair was unable to sustain break above 1.3000 on first attempt and fell back after rally was capped by descending weekly cloud which offers significant resistance.
However, overall bias remains with bulls and fresh attempts above 1.3000 could be expected while pivotal supports at 1.2924/07 (10SMA / 20 SMA respectively) stay intact and continue to underpin the action.
Penetration into weekly cloud would support bulls for fresh extension higher and expose next objective at 1.3143 (Fibo 38.2% of 1.5015/1.1986 descend).
Conversely, increased pressure could be expected on loss of 10/20SMA’s that would expose lower triggers at 1.2843/30.
Res: 1.3000; 1.3046; 1.3100; 1.3143
Sup: 1.2944; 1.2924; 1.2907; 1.2889