Morning Report

The cable's trades were stuck between resistance for the descending channel and pivotal support 1.6240; thus, postponing the assurance of the bearish direction to today. There are signs of a bearish technical pattern that will completely form while we await the breach of its neckline that is at 1.6240. This will lead to the breach of it and to achieve the expected bearish direction over an intraday basis; where main targets are at 1.6050. Note; it is vital that 1.6295 remain intact to maintain chances of achieving this descend.

The trading range for today is among the key support at 1.6050 and the key resistance at 1.6415.

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 selling the pair with the breach of 1.6240 targeting 1.6165 and stop loss above 1.6295, might be appropriate.