Cable continues to flirt with key support at 1.3000

The daily close will be the one to watch as we have seen the pair attempt to maintain a firm break below 1.3000 for the past few weeks, only to weaken at the end of the day.

The pair is trading down 0.3% at 1.2990 at the moment as the USD is more mixed (mostly firmer except against the Yen) with the Pound not helped by a combination of bullish sentiment. gloomy risk and poor UK retail sales data.

If sellers can hold the decline below 1.3000 over the weekend, this will open the way for a potential push towards the 50.0 retracement level of the swing high from March 2020 to February 2021 @ 1.2830 then.


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