Cable has moved steadily upwards after touching the support around 1.5515 zones as seen on the provided four-hour graph. Facing the full correctional level of the entire downside wave from 1.5665 to the significant low is currently accompanied by a clear negative divergence on RSI 14 indicator. In the interim, Stochastic shows an obvious sign of weakness that may send the pair to the downside today. A break below 1.5615 is needed to active the expected bearish wave.
The trading range for today is among key support at 1.5460 and key resistance at 1.5880.
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 below 1.5615 targeting 1.5420 and stop loss above 1.5730 might be appropriate.|