Morning Report

Cable succeeded in breaching yesterday's mentioned resistance in our midday report at 1.6020, where it set a four-hour closing above it; thus, supporting the continuing upside move towards the main awaited targets. The clear negative pressure on Stochastic is expected to force the pair to retest the breached resistance level and then rebound to continue its presumed intraday upside move. From here we expect a bullish direction over an intraday basis initially targeting1.6120 then 1.6465. It is important that trading remains above 1.5755for thebullish direction to prevail.

The trading range for today is among the key support at 1.5755 and the key resistance at 1.6465.

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 at 1.6020 targeting 1.6120 and stop below 1.5960, might be appropriate