Morning Report

The Cable faced minor resistance levels near 1.6440 yesterday, which negatively pressured the pair to the downside to trade once again around the critical support at 1.6320. The stochastic indicator has entered an oversold area as it attempts to show a bullish crossover that will result in an incline on the intraday basis; initially targeting the breach of the minor resistance which has shifted to 1.4665 to targeting 1.6650. Trading above 1.6250 will keep the uptrend valid.

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 from 1.6320 to 1.6465 and stop loss below 1.6250 might be appropriate.