Morning Report

The 1.6290 level limited further losses for the Cable to rebound to the upside to form a bullish technical pattern with a pivot resistance at 1.6380, as the pair currently trades near it in an attempt to confirm the breakout. From here we expect the pair is to incline today on the intraday basis, confirmed by a four hour closing above the mentioned resistance level to push the pair towards 1.6650; as an initial target, as far as 1.6250 remains intact.

The trading range for today is among the key support at 1.5870 and the key resistance at 1.6670

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100

RecommendationBased on the charts and explanations above, our opinion is buying the pair with the breach of 1.6380 to 1.6560 and stop loss below 1.6305 might be appropriate.