Morning Report

The cable succeeded at reaching main resistance awaited yesterday at 1.6355, where trades stabilized around it with negative signs appearing through momentum indicators that may push the pair to attempt a minor bearish correction. Trades are being organized through the minor ascending channel and we expect it to push the pair to achieve more possible bullish intraday direction, with the breach of the mentioned main resistance and then target 1.6550. We should pay attention that 1.6240 remain intact to maintain chances of the bullish direction to continue.

The trading range for today is among the key support at 1.6185 and the key resistance at 1.6550.

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

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.6280 targeting 1.6345 and stop loss below 1.6240, might be appropriate.