In line with our yesterday's technical comments, Cable has slumped violently achieving a daily closing below SMA 50-red- and below SMA 100-blue- as seen on the provided daily graph. Stochastic is still negative solidifying our bearish outlook which remains favored over intraday basisand short term basis. A break below 1.5630 will accelerate declines. Over shorter time frames, we may witness some fluctuation due to the oversold signs appearing on their momentum indicators.
The trading range for today is among key support at 1.5420 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 around 1.5730 targeting 1.5515 and stop loss above 1.5900 might be appropriate.|