Morning Report

The cable continued to fluctuate around the previously breached neckline for the bearish technical pattern, shown in the image above. The pair is unstable between this level - strong resistance level - and support level for the descending channel at 1.6155; attempting to constantly gain bearish momentum to support heading towards achieving more bearish movement. Thus, we expect a bearish intraday direction for today that initially targets 1.6155 and requires 1.6380 to remain intact.

The trading range for today is among the key support at 1.6030 and the key resistance at 1.6440.

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

Monthly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.6295 targeting 1.6155 and stop loss above 1.6380, might be appropriate.