Morning Report

Trading for the Cable remained within the minor ascending channel, seen in the image above, where it formed a flag pattern that targets the breach of the minor support for the pattern at 1.6300. The bearish technical pattern nears completion with a neckline at 1.6245, where a breach of the minor support will complete the pattern. From here we believe the pair is to decline on the intraday basis supported by negativity on the stochastic indicator targeting 1.6300 and 1.6245, which will open the way towards 1.5900. Trading below 1.6525 on the four hour charts is crucial for the decline to occur.

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

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RecommendationBased on the charts and explanations above, our opinion is selling the pair with the breach of 1.6305 to 1.6165 and stop loss above 1.6400 might be appropriate.