Morning Report

The Cable faced a strong resistance at 1.6465, which reversed the pair to the downside in correctional movements supported by signs seen on the stochastic indicator, where we expect it to reach the 61.8% correction at 1.6265 before rebounding back to the upside to complete the bullish technical pattern, highlighted in the image above. From here, we expect the pair to incline breaching the 1.6445 resistance level and opening the way towards 1.6600. The stochastic indicator is entering oversold areas, which supports our overview and will be confirmed as far as 1.6190 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 1.6265 to 1.6445 and stop loss below 1.6190 might be appropriate.