Morning Report

The cable succeeded in reaching the edge of resistance levels for the descending channel - presently at 1.6655 - which forced the pair on reversing to the downside; meanwhile, normal trades seem to be occurring within this channel. This channel is making us expect a possible bearish intraday for today, which targets levels around 1.6400 initially and requires a clear breach of 1.6570, to cancel out chances of achieving a bullish technical pattern that will push the pair to the upside and breach main resistance at 1.6655.

The trading range for today is among the key support at 1.6390 and the key resistance at 1.6780.

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 1.6570 targeting 1.6410 and stop loss above 1.6655, might be appropriate.