A sideways digestion for the past two weeks, but we have repeated that "whilst 1.5236 minor resistance caps, leaves risk lower to the 1.5035 cycle low".
The Thursday surrender of that low and also through a modest weekly support target at 1.5024 and the psychological/ option target at 1.5000 sees latter January bear pressures resuming.
Short-term Outlook - Downside Risks:
- We now see threat for January down to the 2013 cycle low at 1.4813.
- Below here opens targets at 1.4688, 1.4551 and 1.4345.
- Key below will be the 78.6% retrace of the entire 2009-14 erratic up move at 1.4292 and the 2010 swing low at 1.4228.
What Changes This? Above 1.5320 eases bearish risks; through 1.5621 signals a base and range theme, only shifting positive above 1.5786.
- A downside bias aims for the 1.4973 new cycle low for 1.4935; overshoot risk is to 1.4900, maybe 1.4813.
- Above 1.5028 aims for 1.5059, which we would look to try to cap. Above targets 1.5100.
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