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Nothing seems to have changed much for the pair and the near-term bias remains tilted in favour of bearish traders. However, the fact that the cable has struggled to capitalize on its move in either direction warrants some caution before placing any aggressive bets, FXStreet’s Haresh Menghani briefs.

Key quotes

“Bearish traders are likely to wait for a sustained weakness below YTD lows, around mid-1.2800s, below which the pair might turn vulnerable to accelerate the fall further towards the 1.2800 mark en-route the 1.2780-70 horizontal support zone.”

“On the flip side, the 1.2950-60 region might continue to act as an immediate resistance, which is closely followed a cluster of hurdles between the 1.2975-1.3025 region. The latter coincides with the 50-day SMA pivotal point, above which the pair is likely to aim towards reclaiming the 1.3100 mark.”