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GBPUSD Bear Bias Intact; Corrective Bounce Looks for Cap at 1.6040

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GBPUSD Bear Bias Intact; Corrective Bounce Looks for Cap at 1.6040

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.


·         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


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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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