The cable is facing strong resistance at 1.6055 - previously breached support level that turned into resistance - that forces the pair to bearishly correction, after losing the bullish momentum gained yesterday. We expect some fluctuation with a gradual slant to the downside that mighttouch the pivotal support once again at 1.5925, following the start of an expected bullish direction for today, where it breaches through it resistance mentioned and targets mainly 1.6240. It is vital that 1.5915 remain intact for the expected bullish direction to prevail today.
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.|