Morning Report

The Cable corrected to the downside to retest the cluster support area at 1.6305, after surging yesterday. Momentum indicators are neutral and we wait for an incline on the intraday basis, after building a base at 1.6305; targeting 1.6560 and 1.6670 respectively, as far as 1.6290 remains intact on the four hour charts.

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 1.6305 to 1.6560 and stop loss below 1.6250 might be appropriate.