Cable has retraced slightly from 1.5820 zones after closing negatively below the daily chart clue at 1.5890 as seen on the provided daily chart. Parabolic SAR becomes negative supporting the bearish effect of the evening doji star pattern while Stochastic reflects the present bearish. Over four-hour interval, we can notice the breakout below the uptrend line carrying the short term trading; thus, we still see chances for achieving further losses over intraday basis and a break below 1.5820 will confirm and accelerate.
The trading range for today is among key support at 1.5630 and key resistance at 1.6075.
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, selling the pair around 1.5925 targeting 1.5730 and stop loss above 1.6075 might be appropriate.|