Mid-day report

The cable is trading to downside normally within the ascending channel, shown in thechart above, where it is likely that it will reach the channel'ssupport levelat 1.6450 and then head to theupsideover intraday basis. According to our morning expectations, the pair is initially targeting the breach of the key resistance level at 1.6445.For theexpected upside move to continue trading should prevail above 1.6445. Note the the BoE decision at 11:00 GMT is expected to cause mixed and volatile trading for the pair.

The trading range for today is among the key support at 1.6250 and the key resistance at 1.7045.

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 with a breach of 1.6585 To 1.6745 and stop loss below 1.6475, might be appropriate