Cable is looking stronger again after virtually reaching 1.5735 target. There has been little correction and this shows that a break of 1.5735 is likely and leaves 1.5752 as your first target with trendline resistance at 1.5793 the next objective. This depends on a break above 1.5735. Technically there is no reason why further strength cannot be achieved.
There could be some profit taking ahead of the 1.5793 trendline so we are looking for a small correction off this point. The downside however is looking limited to 1.5678 which is your Daily Pivot. We expect buyers to defend this support and they will only balk if we lose 1.5648. We could see the market coming lower with 1.5516/04 targeted.
We do expect the market to rally and if we do manage to break this 1.5794 trendline we look for 1.5885 then 1.5900 as a viable target for the rest of this week.
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