Cable has slipped aggressively touching the neckline line areas of the previously explained classical pattern of the four-hour interval; whilst the bearishness on Vortex becomes stronger. Moving to the daily basis, we will notice the probability of forming a double top formation. Meanwhile, Stochastic has overlapped negatively suggesting that the breakout below the neckline is under preparation. This classical mixture over various time frames designates resumption for yesterday's bearishness where 1.5630 represents the technical objective of this analysis.
The trading range for today is among key support at 1.5630 and key resistance at 1.6165.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 1.5960 targeting 1.5635 and stop loss above 1.6165 might be appropriate.|