Morning Report

The cable inclined gradually yesterday to reach the correction level at 1.6035 which resides at the key resistance for the minor bullish channel as seen in the image above. The stochastic indicator has entered an overbought area which makes us believe the pair is to decline on the intraday basis targeting levels between 1.5910 and 1.5880 before attempting to pressure to the downside further to reach 1.5550. This decline remains as far as 1.6155 is intact.

The trading range for today is among the key support at 1.5550 and the key resistance at 1.6300

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 selling the pair from 1.6035 to 1.5910 and stop loss above 1.6115 might be appropriate.