Cable falls to a low of 1.2088 on the day
Sellers are looking to hold a break below 1.2100 now and more notably price is breaking below both key hourly moving averages, which means sellers are back in near-term control.
There is some minor support around 1.2080 with swing region support seen further down at 1.2040-50 next. Those will be the next key near-term levels to watch out for before a potential test of this year’s low @ 1.2015 and the 1.2000 handle.
In the big picture:
If price falls back below the broken trendline support @ 1.2076, it would give sellers more momentum to chase a move towards the 1.2000 handle.