Cable inches to a low of 1.2111 on the day
Price is slipping towards a test of the 100-hour MA (red line) @ 1.2111 currently with the 200-hour MA (blue line) @ 1.2000 seen nearby. Buyers managed to lean on those levels for support yesterday and it’ll be a test of their resolve once again today.
The pair is still trading narrowly for the most part in a 27 pips range but the test of the key near-term levels above is the most notable action so far in the European morning.
A drop back below 1.2000 will see sellers regain near-term control so be wary as that could accelerate any further drop over the next few sessions.