Morning Report

Cable has plummeted reaching one of our detected technical supports around 1.5630 zones where it started to achieve some kind of recovery as seen on the provided four-hour graph. RSI 14 may send the pair mildly higher before resuming the downtrend started at 1.5925 zones based on the suggested Elliott count discussed many times earlier. Another breakout below 1.5670 zones is required to reinforce our negative scenario. On the upside, 1.5925 should hold to keep the bearishness valid over intraday basis.

The trading range for today is among key support at 1.5460 and key resistance at 1.5975.

The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.

Previous Report

Morning Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.5750 targeting 1.5515 and stop loss above 1.5925 might be appropriate.