Resistance level at 1.6120 was capable of proving its strength against the cable's attempts to rebound againaround the main support level for the descending channel at 1.5790; and we can also notice the pair'ssideways trading on the chart above. The constant bearish pressure is showing the pair's bias towards breaching the mentioned support level; thus, making us expect a bearish move on an intraday basis, supported by the near completion of the bearish technical pattern, where its neckline is at 1.5770 and targeting the breach of 1.5550 – 1.5500. However, keep in mind that sharp fluctuations are expected around the awaited breach level; according to the oversold signs appearing on the momentum indicators. The downside move is expected to remain intact if 1.6120 is not breached.
The trading range for today is among the key support at 1.5550 and the key resistance at 1.6200.
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 with the breach of 1.5770 targeting 1.5615 and stop above 1.5880, might be appropriate|