The cable gradually inclined yesterday, to reach the correction level at 1.6035, which resides at the key resistance for the minor bullish channel, seen in the image above. The stochastic indicator has entered an overbought area, which makes us believe the pair is to decline on the intraday basis; targeting levels between 1.5910 and 1.5880, before attempting to pressure to the downside further to reach 1.5550. This decline remains as far as 1.6155 is intact.
The trading range for today is among the key support at 1.5550 and the key resistance at 1.6300
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100
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