Morning Report

The cable stabilized around pivotal resistance levels between 1.6000 - 1.6020, as shown on the image above, where it attempts to breach the neckline for the mentioned bullish technical pattern yesterday at 1.6020. From here, the direction expected for today is bearish; completing the suggested scenario in yesterday's report initially targeting 1.6125, while taking into consideration the trades must remain above 1.5920 to maintain the expected bullish direction's pace.

The trading range for today is among the key support at 1.5805 and the key resistance at 1.6175.

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

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RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.6020 targeting 1.6125 and stop loss below 1.5920, might be appropriate.