The Cable pair begins today with extra pessimism to attempt to break the bullish channel’s support line, which support the continuation of our bearish overview, targeting 1.3775 followed by 1.3685 levels as next negative stations.
Today we do not have any important UK or US economic announcements. In the morning UK will release its monthly Nationwide HPI and US in the afternoon will release its IBD/TIPP Economic Optimism and Wards Total Vehicle Sales.
On the other hand, we notice that the price completed forming head and shoulder’s pattern that its signs appear on the chart, which form strong motive that supports the chances of achieving the above-mentioned targets.
Therefore, the bearish trend will remain valid and active for the upcoming period conditioned by the price stability below 1.4000. The expected trading range for today is between 1.3775 support and 1.3950 resistance and the expected trend for today: Bearish
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