Morning Report

The cable continues to correct to the downside within a bullish channel, as seen in the image above, after touching the resistance at 1.6745 where we still expect further declines before rebounding back to the upside. The awaited support level resides at 1.6540, where from there the pair is to rebound to the upside targeting 1.6800. However, note that a strong resistance is found at 1.6745, which may be an obstacle for the pair. The incline remains as far as 1.6500 is intact.

The trading range for today is among the key support at 1.6350 and the key resistance at 1.7045

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 1.6540 to 1.6700 and stop loss below 1.6440might be appropriate.