The cable returned to trade and stabilize above the main 61.8% Fibonacci correction, where yesterday's close was above it as well; thus, maintaining chances of resuming the bullish short term direction. The lastbearish correction was to gather enough bullish momentum to push the pair to the upside, with additional power coming from the bullish technical pattern, shown in the side image, while we await a clear breach for its neckline at 1.6670. Therefore, the expected direction for today remains bullish and targets 1.6875, requiring the four-hour closingto constantly remain above 1.6655.
The trading range for today is among the key support at 1.6515 and the key resistance at 1.6875.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
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|Recommendation||Based on the charts and explanations above our opinion is buying the pair with the breach of 1.6670 targeting 1.6790 and stop loss below 1.6600, might be appropriate|