Morning Report

The cable didn't depreciate similar to other currencies versus the dollar, yet we see the pair is still gathering the momentum it needs to decline. The pair may be forming a bearish technical pattern with a neckline at 1.6245 where even if the pair is to slightly correct to the upside, the short term trend is still to the downside.

The trading range for today is among the key support at 1.5860 and the key resistance at 1.6720

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100

Weekly Report

Monthly Report

RecommendationBased on the charts and explanations above, our opinion is selling the pair from 1.6360 to 1.6085 and stop loss above 1.6460 might be appropriate.