As with EUR/GBP, cable is playing out sideways below a Fibonacci

A 76.4% retracement of the 1.2446-1.1842 drop is at 1.2303

A more minor Fibonacci provides support at 1.2118, off 1.1842-1.2288

An increase in bullish momentum is confirming a slight positive bias

Still a tough call but bulls are holding a slight advantage

We lean bullish but will wait for the charts to clear before trading

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