Morning Report

The Cable was able to breach the 1.6355 resistance level and maintain trading above it, gradually nearing the next resistance at 1.6425. The intraday and short term trends are to the upside, where we expect the pair to face some difficulties, due to the different resistance levels between 1.6410 and 1.6425; alongside the overbought signals on the stochastic indicator, which may result in a downside correction to 1.6355 before rebounding back to the upside today; targeting 1.6500 and 1.6635, respectively. The uptrend remains as far as 1.6180 is intact.

The trading range for today is among the key support at 1.6000 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 from 1.6355 to 1.6500 and stop loss below 1.6275 might be appropriate.