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GBPUSD bear bias for 1.6555 next

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GBPUSD bear bias for 1.6555 next

Cable downside extension risk

·         We stated in our last report to our clients that “whilst minimally below 1.6750/55 and the stronger 1.6845 resistance level, we see a better push through 1.6660/57 to aim next for the 61.8% retrace of the 2014 up leg at 1.6610”.

·         The Tuesday plunge through these supports now opens downside risks to the April swing low at 1.6555 and maybe chart/ retrace targets at 1.6460/55.

·         Corrective rebounds would look to be contained by 1.6740 this week.

WHAT CHANGES THIS?

·         Above 1.6740 eases bear risks; through 1.6845 signals a neutral tone, only shifting positive above 1.6895.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/GBPUSD.pdf

 

4 Hour GBPUSD Chart

b2ap3_thumbnail_GBPUSD1.png

 

Daily GBPUSD Chart

b2ap3_thumbnail_GBPUSD2.png

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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