GBPUSD negative tone and support threats
· Despite a bounce at the end of last week, modest resistance has capped at 1.6110/15 with a better barrier at 1.6186.
· The previous roll back from this higher level ahead of the firm barrier at 1.6228 leaves bias for a roll back to the rebound range for 1.5995 and 1.5940.
· We also still see a more negative theme into late October for extension below 1.5875 to the 1.5854 weekly swing low from Q4 2013.
· Below here, sees threat lower to aim for chart/ 61.8% retrace support 1.5750/20.
WHAT CHANGES THIS?
· Above 1.6228 signals a neutral tone, only shifting positive above 1.6415/20.
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Daily GBPUSD Chart