The pair broke above the top trend line of the downward channel and should find buyers around 0.7670/ 0.7700 level. 100MA comes at 0.7730 and should support the pair in near term. Next major target on the upside would be 0.8000 physiological level and 0.8250 high of Jan 2015
With over 700 pips of straight fall since July, cable may find support around these levels and correct towards 1.6600, 1.6650. 55WMA as well as long term trend lines are coming into focus on weekly base.