The Cable was able to breach the minor support at 1.5935 to complete the formation of a bearish technical pattern, seen above, to take the pair to the downside on the intraday basis towards 1.5700. Momentum indicators are trending near oversold areas, which is pressuring the pair to fluctuate around the breached neckline (currently at 1.5955) to gather enough bearish momentum to decline, 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
|Recommendation||Based on the charts and explanations above, our opinion is selling the pair from 1.5955 to 1.5860 and stop loss above 1.6035 might be appropriate.|