Cable broke above 50 DMA and traded up to 1.2530 in the first half of the Asian session before pulling back below the big figure in the second half. There was no follow-through and the pair was then sold down to 1.2380 by the end of the European session.

1.2350 - 1.24 is the initial support followed by a stronger one near the three-week range bottom at 1.23. 50 DMA, which currently runs just below 1.25, is the first obstacle to overcome on the upside before 1.2525 - 1.2550 and 1.2675 - 1.27 bands.

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