Morning Report

The cable continued to incline yesterday to reach 1.6600 and maintain trading above it. We expect the stochastic to negatively affect the pair to correct to the downside to build a base at 1.6525 before rebounding back to the upside on the intraday basis to target 1.6740 – 1.6800. The technical target for yesterday's discussed bullish pattern resides at 1.7000. The incline remains as far as 1.6380 is intact on the daily charts.

The trading range for today is among the key support at 1.6345 and the key resistance at 1.6800

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 from 1.6525 to 1.6660 and stop loss below 1.6455 might be appropriate.