Morning Report

The Cable continues to trade around the resistance level that has halted the bullish trend. The stochastic indicator is trending within overbought areas as it attempts to show a bearish crossover that may result in a downside correction to retest 1.6210 before rebounding on the short term, in an attempt to breach 1.6445 (the key resistance for the current downside channel) and targeting 1.7000. This incline remains as far as 1.6120 is intact.

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 from 1.6385 to 1.6210 and stop loss above 1.6445 might be appropriate.