Stochastic over daily studies has overlapped negatively as we anticipated yesterday after touching the critical levels of 1.5585 and SMA50 as seen on the provided graph. At the same time, we can see how the pair has adopted a favorable reaction to the overbought signals appearing on momentum indicators over four-hour interval-secondary image- but being very close to the aforesaid sensitive areas forces us to stay aside over intraday basis until we see where Cable will close today. A break of 1.5585 will bring more buying interests; whilst clearing 1.5460 will be a very negative indication and will give us a reason to focus on the significant low of 1.5230 once more.
The trading range for today is among key support at 1.5370 and key resistance at 1.5720.
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 set up presents itself to pinpoint the upcoming big move.|