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GBPUSD Bear Bias through 1.5875 for 1.5854; Mid-Month Risk to 1.5750/20

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GBPUSD Bear Bias through 1.5875 for 1.5854; Mid-Month Risk to 1.5750/20

GBPUSD bear trend resumption threat

·         We stated in our last report to our clients that “we see modest resistance now at 1.6075/85 capping into midweek and see a more negative theme for extension below the 1.5875 October cycle low” and the roll back to the range this morning from ahead of this resistance aims lower.

·         The plunge last week back from 1.6186 resistance to probe 1.5940 Monday aims still lower into early November.

·         A break of 1.5875 would quickly aim through the 1.5854 weekly swing low from Q4 2013.

·         Below here, sees threat lower for chart/ 61.8% retrace support 1.5750/20.


·         Above 1.6186 signals a base and neutral tone, now shifting positive above 1.6228.

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Daily GBPUSD Chart



Weekly 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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