Despite achieving bullish actions on Friday that took the pair to close above 38.2% Fibonacci of the recent downtrend from 1.6310 to 1.5820 but Cable couldn’t breach through our previous suggested risk limit at 1.6050. In the interim, we can notice how the pair is presently facing a confluence of sensitive technical levels where the resistance of the bearish channel exists while the contrarian between momentum and trend indicators becomes very clear. Accordingly, we believe that risk versus reward ratio is inconvenient for intraday trading; whilst the trend of the week will be clearer later. 

The trading range for this week is among key support at 1.5740 and key resistance at 1.6250.

The general trend over short term basis is to the   downside   targeting   1.4225   as far as areas of   1.6875   remain intact.

Support 1.6000 1.5960 1.5925 1.5850 1.5780

Resistance 1.6065 1.6125 1.6180 1.6200 1.6225

Recommendation Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move this week.

The pair has soared on Friday to close above 61.8% Fibonacci retracement of the entire downside rally from 1.3485 to the significant low of 1.2040 as seen over daily studies. Actually, these inclines have offered positive signs on momentum, trend and oscillators indicators while the weekly candlestick formation has proved the strength of bullish momentum. From here, we believe that further strength could be seen at least during the first half of this week; noting that 1.30s should be taken out to activate this scenario.

The trading range for this week is among key support at 1.2735 and key resistance at 1.3165.

The general trend over short term basis is to the   downside   targeting   1.1865   as far as areas of   1.3550   remain intact.

Support 1.2935 1.2890 1.2845 1.2825 1.2790

Resistance 1.3000 1.3055 1.3070 1.3110 1.3145

Recommendation Based on the charts and explanations above our opinion is, buying the pair above 1.2995 targeting 1.3140 and stop loss below 1.2860 might be appropriate this week.

The pair was able to reach the first main waited target at 0.9240, while we are waiting to be breached to confirm the bearish trend continuation.

Stochastic positivity might force the price to achieve some bullish bounce and sideways range before the mentioned breach attempt which will target 0.9000 as a next main station.

Expected trading range for this week is between: 0.9000 support and 0.9400 resistance.

Expected trend for this week: Bearish

The pair was able to move away from 0.8145 and settled above 0.8200, which reinforces our expectations of continuing the bullish trend on the intraday and short term basis, where the main initial target is exists now at 0.8300, and breaching it will be the key for more bullish moves.

EMA50 supports the expected bullish wave, which requires initially stability above 0.8145 to be achieved.

Expected trading range for this week is between: 0.8075 support and 0.8500 resistance.

Expected trend for this week: Bullish