Morning Report

The Cable's inclines were limited yesterday at the resistance level at 1.6120, which represents the 100% expansion resulting in the pair to reverse to the downside to currently trade around the breached neckline for the bullish technical pattern at 1.6020. We expect this level to limit the declines and result in a reversal to the upside on the intraday basis targeting the breach of 1.6120 and then target levels at 1.6200 as far as 1.5800 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 buying the pair from 1.6020 to 1.6200 and stop loss below 1.5935 might be appropriate.