Midday Report

The cable rushed to the upside nearing the key resistance level at 1.6380, which is awaited to be breached to continue the intraday bullish move for today. Confirmation is now need with a four-hour closing above this level, to open the way to head towards 1.6560 and then 1.6680. As long as the four-hour closings areabove 1.6290 today's upside expectations remain valid.

The trading range for today is among the key support at 1.5870 and the key resistance at 1.6670.

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 1.6380 To 1.6560 and stop loss below 1.6305, might be appropriate