The resistance level at 1.6380 held strong against cable's incline, which led to a sharp downside move yesterday, whereas, the bearish technical pattern assisted in pushing the pair to remain intact below 1.6200. Stochastic is showing oversold signs, which might push the pair to attempt a minor upward correction, and retest the breached neckline at 1.6200 and then continuing to decline over intraday basis, trading naturally within the downside channel seen over four-hour chart; where upcoming targets start from 1.6000 then 1.5870. It is vital that 1.6200 remains intact, so that today's intraday decline may prevail.
The trading range for today is among the key support at 1.5870 and the key resistance at 1.6555.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.
Support 1.6155 1.6095 1.6050 1.6000 1.5975 Resistance 1.6200 1.6295 1.6325 1.6380 1.6455 Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.6200 To 1.6000 and stop loss above 1.6295, might be appropriate