Morning Report

The 50% correction was able to limit further inclines for the cable yesterday, which pressured it to the downside, where we expect the pair is to trigger an intraday bearish wave to support the short term downtrend. We expect the pair to decline on the intraday basis and will be confirmed with a four hour closing below 1.5870 targeting 1.5550 as far as 1.6160 remains 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 with the breach of 1.5870 to 1.5770 and stop loss above 1.5935 might be appropriate.