GBPUSD bear trend intact
· A better rebound than expected Friday and this morning to ease immediate downside risks and aim higher Monday, towards 1.5970/75, but with a likely cap above at 1.6040.
· However, the breakdown late last week to a new cycle low and through the 1.5854 weekly swing low from Q4 2013, leaves midweek/ mid-month risk lower
· We see bear threat next for chart/ 61.8% retrace support 1.5750/20; overshoot risk through mid-month is to 1.5430; interim targets are at 1.5616 and 1.5503/00.
WHAT CHANGES THIS?
· Above 1.6040 eases bear risks; through 1.6186 signals a neutral tone, only shifting positive above 1.6228.
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4 Hour GBPUSD Chart
Weekly GBPUSD Chart