Morning Report

The cable neared the first target reaching 1.6400 before rebounding back to the upside to retest the neckline at 1.6515. We see slight bullish momentum that may dominate today's trading to breach 1.6515 and target 1.6660 and 1.6740 respectively. The pair may need to decline to 1.6370 to build a stronger basis to support the expected uptrend for today which will be confirmed with a four hour close above it.

The trading range for today is among the key support at 1.6260 and the key resistance at 1.6740

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 1.6515 to 1.6660 and stop loss below 1.6425 might be appropriate.