Cable declined sharply, breaching the ascending channel's support again, but this time the decline was harmonized with the bearish technical pattern's formation, with the neckline at 1.6515. The pressure are constant upon this level to be breached, thus chances of reversing to the downside for today remain strong, which will be confirmed with four-hour closing below level 1.6500 – the pivot point for today's intraday direction– and then head towards 1.6375 – 1.6300. We advise monitoring the pair's movement for today due to the high fluctuations, while observing the upcoming four-hour closing to determine the coming intraday move.
The trading range for today is among the key support at 1.6350 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.
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