Cable has moved mildly downwards influenced by the strength of 1.5780 resistance as seen on the provided daily graph. This Fibonacci level took affected Stochastic over daily studies as it was taken to the overbought areas. Actually, we are well-disposed to the bearishness due to the negativity on the bigger time frames-check the previous report- but risk versus rewards ratio is too high for intraday traders. Consequently, we hold onto our neutral stanceover intraday basisas a break above the above mentioned important level will bring buying interests. Of not, breaching through 1.5590 will activate the bearishness as well.
The trading range for today is among key support at 1.5420 and key resistance at 1.5935.
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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|