A candlestick of indecision was formed yesterday despite closing above the key resistance areas of 1.5995-turned into support- as seen on the provided daily chart. In the interim, RSI 14 continued diverging with the price actions over four-hour interval while Stochastic over daily studies shows that, Cable is losing the upside momentum. The contrarian between achieving a positive closing and the weakness appearing on the chart is a rational technical reason that forces us to remain sidelined over intraday basis.
The trading range for today is among key support at 1.5820 and key resistance at 1.6215.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|