Cable closed near the low last week after taking out Article 50 low at 1.2375. However, the pair opened with a gap up today, which testifies of some demand at this level. Inflation and job reports will be closely watched this week and will help determine the direction of the next leg.

The pair is back below 50 and 100 DMA which makes 1.24 - 1.2425 the initial resistance. 1.25 - 1.2525 is the next one before March 27th high at 1.2615. On the downside, there's 1.2340 - 1.2360 (50.0% retracement of the March rally, March 19th low) and then 1.23 (61.8% retracement).

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