The cable achieved a bearish trend late evening last Friday, without recording new bottom levels. This descend is causing the formation of a bullish technical pattern, where its neckline is at 1.6335 as we expect the pair to successfully breach it to the upside with support from positive signs appearing through momentum indicators. Thus, we expect a bullish intraday direction touching 1.6470 as the lowest, while paying attention to that the bearish short term direction maintains to the downside if we do not witness a daily closing above 1.6610.
The trading range for today is among the key support at 1.6100 and the key resistance at 1.6545.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair from 1.6335 targeting 1.6470 and stop loss below 1.6250, might be appropriate.|