Morning Report

The Cable attempted to breach the pivot resistance yesterday at 1.6445, yet the negative pressure continued to drag the pair to the downside to consolidate within 1.6430 and 1.6380 once again, seen in the above image. Momentum indicators are still negatively pressuring the pair, yet we expect the general trend today is to the upside confirmed with the breach of 1.6430 to target 1.6740.

The trading range for today is among the key support at 1.6100 and the key resistance at 1.6740

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 with the breach of 1.6430 to 1.6600 and stop loss below 1.6320 might be appropriate.