Cable's recovery from Tuesday's low of 1.2109 to 1.2220 today if followed by a day end close today above the 10-DMA level of 1.2208 would add credence to the signs of turnaround in the MACD and open doors for a rally to 1.2346 (Feb 7 low).
On the downside, only a daily close below 1.2108 would revive bearish view.