Morning Report

The cable attempted to breach the support level for the new descending channel; where the pair pushed strongly upwards to trade around themain resistance for the bearish direction around 1.6530. Momentum indicators are pressuring the pair to move to the downside, thus making us expect a bearish intraday for today that initially targets 1.6390. Keep in the mind the importance of tradingto reamianbelow 1.6695 to keep the bearish short term direction intact.

The trading range for today is among the key support at 1.6350 and the key resistance at 1.6750.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.6515 targeting 1.6390 and stop loss above 1.6595, might be appropriate.