Morning Report

Cable touched 1.6400torevers then to the downside, where we think it is attempting a bearish correction to unload clear negative pressures on momentum indicators. We can expect a bearish intraday direction;to retest yesterday's breached resistance at 1.6210 – the resistance that turned into key support– and stabilizingupon itto return to attempt breaching the main resistance level at 1.6390 that currently holds the keys to decide the pair's short and medium term trends. As long as support level 1.6210 remains intact, chances of continuing to move to upside will prevail.

The trading range for today is among the key support at 1.6050 and the key resistance at 1.6705.

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 selling the pair at 1.6390 targeting 1.6210 and stop above 1.6465, might be appropriate