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.
WHAT CHANGES THIS?
· 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