Morning Report

Cable returned to move withinthe descending channel below the main resistance at 1.6495. We expect more bearish intraday movement for today, which targets 1.6335, thetarget for the bearish technical pattern that was completed when 1.6515 was breached, next we expect more technical targets around 1.6260. Stochastic is showing positive momentum that might impede the pair's bearish movement and push to achieve some bullish correction. The bearish direction will prevail if 1.6595 remains intact.

The trading range for today is among the key support at 1.6335 and the key resistance at 1.6645.

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

Support1.64551.64051.63351.62601.6220
Resistance1.64951.65151.65951.66451.6695
RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.6495 targeting 1.6335 and stop loss above 1.6595, might be appropriate