Morning Report

In accordance with yesterday's proposed bearish scenario, Cable has descended violently as seen on the provided four-hour graph. This decline has been capable of drawing a potential head and shoulders top pattern with a broken neckline. The aforementioned bearish classical probability is another technical factor that matches our suggested Elliott count. A break below 1.5680-1.5665 will trigger panic sell-off actions towards 1.5515 followed by 1.5420 over upcoming sessions.

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 downsidetargeting 1.4225 as far as areas of 1.6875 areas remain intact.

Previous Report

Weekly Report

Support1.56801.56301.55851.55551.5515
Resistance1.57301.57801.58201.58801.5935
RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.5730 targeting 1.5515 and stop loss above 1.5890 might be appropriate.