Morning Report

The cable was successful at completing yesterday's bullish technical pattern, where it reversed to attempt to bearishly correct; thus, enabling it to get rid of the negative signs that appear on momentum indicators. We still see that the pair has enough bullish momentum to push it to the upside, so consequently the possible direction for today could be bullish over an intraday basis. However, it requires first the breach of 1.6555, secondly trading shouldremain above 1.6475 so that it will prevail. The main bullish targets for today start from 1.6760.

The trading range for today is among the key support at 1.6260 and the key resistance at 1.6925.

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 1.6555 and targeting 1.6675 and stop loss below 1.6475, might be appropriate