GBPUSD bear trend re-energizing
· We saw skewed risk through midweek for a failure ahead of 1.6040 to leave a bear bias and the plunge to a new cycle low reinforces our ongoing bear view.
· The breakdown last week through the 1.5854 weekly swing low from Q4 2013, leaves mid-month risk lower
· We still see bear threat for chart/ 61.8% retrace support 1.5750/20.
· The risk through mid-month is now to 1.5430; interim targets are at 1.5616 and 1.5503/00.
· Overshoot threat for November is to the August 2013 weekly swing low at 1.5430.
WHAT CHANGES THIS?
· Above 1.6040 eases bear risks to neutral, only shifting positive above 1.6186.
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Daily GBPUSD Chart
Weekly GBPUSD Chart