Cable has moved clearly upwards after touching the pivotal support of 1.5590 where it succeeded in achieving a daily closing above SMA 20-colored in green-, but SMA 50 continued covering the pair's trading as seen on the provided daily graph. In the interim, Stochastic overlapped positively but the solidity proved by 38.2% Fibonacci of the downside wave from 1.6615 to 1.5270 prevents us from suggesting more incline. Consequently, we prefer staying aside over intraday basis; noting that, coming back below 1.5590 will bring the negative picture back into focus.
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.|