Morning Report

The Cable maintained trading below the pivot support at 1.5935 as it consolidated between the envelopes bands. The stochastic once again is providing bullish signs which makes us believe the pair is to incline on the intraday basis attempting to breach the neckline for the bullish technical pattern at 1.6020 and target 1.6200 initially. This incline requires trading to remain above 1.5825.

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 1.5870 to 1.5995 and stop loss below 1.5825 might be appropriate.