The Cable surged yesterday to reach its targets half way and maintain trading above 1.6260, which shows several attempts to return within the ascending channel. We expect the pair is to trade within a minor downside channel, as seen in the image above, and therefore decline on the intraday basis supported by stochastic being overbought and perhaps target 1.6000, as far as 1.6300 remains intact on the four hour charts.

The trading range for today is among the key support at 1.5970 and the key resistance at 1.6625

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