Morning Report

The Cable surged to the upside yesterday to near the key resistance for the downside channel, pressured by positive signs seen on momentum indicators yesterday which assisted the pair in attempting to breach the resistance levels at 1.6645. Bullish signs are seen on the daily charts - bullish technical pattern - making us believe that the pair is to incline on the intraday basis breaching the scattered resistance levels between 1.6645 and 1.6685 to target 1.7000 initially as far as 1.6685 remains intact on the four hour charts and 1.6385 on the short term.

The trading range for today is among the key support at 1.6240 and the key resistance at 1.6840

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 buying the pair from 1.6505 to 1.6645 and stop loss below 1.6435 might be appropriate.