GBPUSD bull threat reinforced
· A rebound from our flagged support at 1.6925/20 post-FOMC to set up a surge to another new cycle high on Thursday.
· Having overcome the 1.6998 cycle peak and psychological/ option barrier at 1.7000 on Monday, we have stated since last week that “we still see the near term outlook as extremely bullish with a bias to challenge the multi-year high from 2009 at 1.7044 this week”.
· Above here now aims for Fibo extension levels at 1.7175 and 1.7255 and potentially into latter June for a long term retrace, at 1.7335.
WHAT CHANGES THIS?
· Below 1.6860 eases bull risks; through 1.6800 signals a neutral tone, only shifting negative below 1.6740.
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4 Hour GBPUSD Chart
Weekly GBPUSD Chart