First of all, I want you to check the previous report where we have defined the strong resistance level of 1.5780- strong Fibonacci level meeting SMA 50- to prevent the pair from achieving more bullishness. Actually, this aforesaid level has proved its strength as it caused an aggressive and fast bearish wave that sent Cable to the initial support around 1.5590 zones as seen on the provided daily graph. Additionally, the negative closings below SMA 20 and SMA 50 combination in addition to the bearishness on Stochastic are technical factors that argue to predicate more bearish actions over intraday basis. Ultimately, the four-hour chart solidifies the constructive bearish outlook.
The trading range for today is among key support at 1.5420 and key resistance at 1.5780.
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 1.5630 targeting 1.5420 and stop loss above 1.5780 might be appropriate.|