Morning Report

The Cable was able to trade above the key support for the ascending channel, as we expected, after attempting to breach it to the downside; where the pair is currently facing the 1.6630 resistance level which may result in volatility, as the pair attempts to breach it to the upside to continue the short term uptrend. From here, we expect the pair to incline on the intraday basis, initially targeting 1.6800 before extending towards levels above 1.7000, as far as 1.6500 remains 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 with the breach of 1.6630 to 1.6800 and stop loss below 1.6565 might be appropriate.