Cable exhibits a bearish bias, remaining under the top of the daily cloud

Bears maintain control, keeping the price within the daily cloud for the third consecutive day, with the cloud top providing strong resistance and capping any upward moves.

A renewed push below 1.3049 (the 50% retracement of the 1.2664/1.3434 rally) signals a potential bearish continuation, with a focus on testing the psychological support at 1.30, which also coincides with the Sep 11 higher low. A break below this level could open the door to more critical levels at 1.2958 (Fibo 61.8%) and 1.2940 (the cloud base).

Daily indicators are weakening, with negative momentum building, and the Tenkan-sen diverging from the Kijun-sen after forming a bearish cross. However, bears may face some resistance as the stochastic emerges from oversold territory.

Near-term bias remains bearish as long as the price is capped by the cloud top at 1.3071.

Res: 1.3049; 1.3071; 1.3113; 1.3140
Sup: 1.3000; 1.2958; 1.2945; 1.2870