After a 5-day fall, the cable paused its down ticks in the previous session. It gained 50 pips at the end of the day. The cable took the support at 1.5590 levels and moved higher. In case a daily close is below 1.5590, the cable can extend its downtrend towards 1.5460, 1.5450, and 1.5430. We have been recommending the same for the last 2 days. The prices are taking support at 1.5590, we can call it as a minor double bottom. Today, traders are keeping an eye on CPI, jobs data and UK retail sales data. Ahead of the economic events, the cable is trading in a silent mode. The prices are taking support at 1.5667, below this 1.5657 and 1.5646 are the intraday support levels. The prices are facing resistance at 1.5686, above this at 1.5700, 1.5720, and 1.5736. The cable is trading in a tight range between the 1.5736 and 1.5590 levels. The prices are making lower highs on the hourly chart. From an intraday view, we recommend fresh selling below 1.5660 with the target at 1.5646, below this 1.5625 and 1.5600 are open targets.

Trade: Selling below 1.5660.