Mid-day report

The cable strongly pushed upwards, achieving its expected first target for today at 1.6465; where we expect the upside move to continue for the remainder of trading for today, in an attempt to reach the awaited level at 1.6650. We won't rule out the mixed fluctuations between 1.6560 and 1.6500; while the pair tries to shake off the negative momentum that had started appearing through momentum indicators, before continuing to the upside, as expected for today. Chances of continuing the upside for today will prevail if 1.6425 remains intact.

The trading range for today is among the key support at 1.5870 and the key resistance at 1.6715.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.6515 To 1.6650 and stop loss below 1.6425, might be appropriate