Morning Report

The cable was able to achieve its primary bearish targets awaited at 1.6390 and stabilized trading around this level. We still see that the pair will face more bearish intraday movement for today; targeting mainly reaching support 1.6330 before determining the short term direction, which will remain bearish if the daily close remains above 1.6525.

The trading range for today is among the key support at 1.6260 and the key resistance at 1.6670.

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 from 1.6455 targeting 1.6330 and stop loss above 1.6525, might be appropriate.