Morning Report

The key support for the downside channel helped the cable rebound to the upside, as it fluctuated near the previously breached support for the bearish technical pattern that has currently shifted to 1.5985. The strength of the support level supports the uptrend, where we believe the pair is to incline on the short term; targeting 1.6550 after the breached 1.6120. This incline remains as far as 1.5845 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 buying the pair from 1.5935 to 1.6035 and stop loss below 1.5845 might be appropriate.