Cable was capable of breach 100% extension, shown above, which indicates more downside movement towards 38.2% correction (thecorrection for the upside move that began on January 23 and ended on August 5 of this year). We still see a bearish technical pattern on the daily chart provided, where it is still affecting the pair's movement and causing it to ignore the oversold signs on momentum indicators. These technical facts make us expect a bearish direction for today, where the bearish direction my not be free of volatile fluctuations; while stability must remain below 1.5890tokeepthe bearish movement over an intraday basis intact.
The trading range for today is among the key support at 1.5465 and the key resistance at 1.6110.
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 at 1.5805 targeting 1.5615 and stop above 1.5925, might be appropriate|