After a failed attempt at the upside last week, Cable broke to the downside. Disagreement over the Brexit bill and weaker than expected manufacturing PMI were cited as drivers but the pair seemed poised to break 1.2350 anyway.
The pair traded down to 1.2280 yesterday and as low as 1.2260 so far today with relatively shallow pullbacks. 1.22 - 1.225 is the initial support before stronger one between 1.20 and 1.21. Area around 1.24, which includes 50 and 100 DMA, should now act as a resistance.
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