Morning Report

Cable has moved violently downwards showing the following negative technical factors that argue us to suggest more bearishness over intraday basis:

Achieving a daily closing below the clue level at 1.5785.

Forming a long black candlestick pattern.

Stochastic has overlapped negatively.

A break below 1.5760-1.5730 will accelerate declines and the pivotal resistance of 1.5925 should act as a ceiling for intraday bears.

The trading range for today is among key support at 1.5515 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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.5760 targeting 1.5515 and stop loss above 1.5925 might be appropriate.