The cable continues to consolidate in the relative calm following the October flash crash. Pair is currently hovering above a minor trend-line, extending off of the October 28 low and may find support here and continue to range over the short term. Over the medium term; we're looking for a move lower, followed by bearish continuation and seeking to position ourselves appropriately. We'd like to sell any bounces towards 1.25; or if we are not so lucky, a 4h close below 1.239.
Initial support is the 1.2360 - 1.239 zone; with a break below there targeting 1.3, followed by 1.2150. Initial resistance is the 1.25 - 1.255 zone; with a break above there invalidating our bearish bias and targeting the November highs above 1.2650.