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
Daily GBPUSD Chart