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GBPUSD Bear Pressures Questioned, but Intact

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GBPUSD Bear Pressures Questioned, but Intact

An extremely strong recovery effort this week, now above 1.4888 has significantly eased bearish extension risks, with threat of securing a base above 1.5013.

However, with key resistance at 1.4973/95 capping, we see bearish pressures intact from the recent plunge to a new cycle low.

For Today: We see a neutral tone between 1.4885 and 1.4995 (with a negative bias towards the lower level)

Break above 1.4995 aims for 1.5013 and maybe 1.5040, which we would look to try to cap.

Break below 1.4885  aims for 1.4812 , which we would look to try to hold.

Short/ Intermediate-term Outlook - Downside Risks:

Downside bias is back to the new April low at 1.4565.

We see a more negative tone with the bearish threat to target 1.4500.

A break aims for key longer term supports at 1.4295/28.

What Changes This? Above 1.4983 eases bear risks; through 1.5013 signals a neutral tone, only shifting positive above 1.5169. 

Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.

A taster of the report above. To view the full GBPUSD report with screencasts, levels and more, click here
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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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