The Cable revisited the lower line of the short term bullish channel at 1.4910. These declines assisted Stochastic to be relieved. Not only that, but it is attempting to crossover positively and this action adds further strength to the aforesaid support level. Henceforth, more inclines could be witnessed over intraday basis, initially targeting 1.5040 and it might extend further towards 1.5200 areas. Areas of 1.4850 should protect this suggested scenario.
The trading range for today is among the key support at 1.4850 and the key resistance at 1.5200.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
Previous Report Weekly Report
Support1.49101.48501.48201.47701.4730Resistance1.50001.50401.51201.52001.5245RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.4910 targeting 1.5040 and stop loss below 1.4850, might be appropriate.