The pair declined to breach the first target of the bearish Butterfly Pattern, which might extend the downside move toward the second target at 0.9855 at 61.8% correction. We might see the extension of the downside move beyond the second target especially as the Linear Regression indicators crossed negatively and RSI holds below 50, which might drive the pair toward the first extended target at 0.9800. On the other hand, we cannot ignore the volatility due to the oversold signs on Stochastic but trading below 0.9980 keeps the bearish outlook intact for the week.

The trading range for this week is among the key support at 0.9735 and key resistance at 1.0135.

The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400. 

Support 0.9895 0.9855 0.9800 0.9770 0.9735

Resistance 0.9935 0.9980 1.0000 1.0040 1.0095

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9930 targeting 0.9855, 0.9805 then 0.9735 and stop loss with four-hour closing above 1.0000 might be appropriate this week

The pair declined sharply to test the trough C of the bearish Butterfly Pattern. Stability below the main harmonic support on the chart connecting A and C supports the downside move toward extended targets of the Butterfly Pattern. The 127.2% correction of CD leg at 0.9210 is the second extended target of the pattern and a break of which will push the pair lower toward 161.8% correction at 0.9130. The bearish outlook this week requires stability below 0.9425.

The trading range for this week is among the key support at 0.9130 and key resistance at 0.9460.

The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.

Support 0.9275 0.9245 0.9200 0.9130 0.9080

Resistance 0.9305 0.9330 0.9370 0.9425 0.9460

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9305 targeting 0.9280, 0.9210 then 0.9130 and stop loss with four-hour closing above 0.9425 might be appropriate this week

The pair is presently showing signs of weakness after the re-test of our previous suggested entry point around 82.50 where 76.4% Fibonacci of the wave from 84.15 to 77.10 exists as seen on the provided daily graph. The history of the daily studies shows that the pair frequently acts in response to the signs of RSI 14 while this indicator presents a confirmed overbought signal. In result, potential downside movements could be witnessed this week; noting that eyes should be on 81.50 as a break of which will bring panic sell-off actions. 

The trading range for this week is among key support at 80.75 and key resistance now at 83.65.

The general trend over short term basis is to the     upside     targeting     87.45     as far as areas of    75.20     remain intact.

Support 82.00 81.80 81.50 81.25 81.00

Resistance 82.50 82.80 83.00 83.20 83.65

Recommendation Based on the charts and explanations above our opinion is, selling the pair around 82.50 targeting 81.50 and stop loss above 83.20 might be appropriate this week.

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.