The cable continues its descend effected by the bearish technical pattern shown yesterday that is nearing main support 1.5925 - meeting point between support for the descending channel and 76.4% Fibonacci correction -. The stochastic is showing clear oversold signs that encourage us to expect a bullish intraday direction, targeting initially 1.6055 and then far from 1.6240. Meanwhile, expectations will prevail if we do not witness trades stabilizing below 1.5925.
The trading range for today is among the key support at 1.5800 and the key resistance at 1.6235.
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 1.5925 targeting 1.6055 and stop loss below 1.5830, might be appropriate.|