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GBPUSD bear pressures re-energized through 1.5000

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GBPUSD bear pressures re-energized through 1.5000

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.

For Today: 

  • 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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Weekly GBPUSD Chart

b2ap3_thumbnail_GBPUSD1_20150123-073007_1.png

4 Hour GBPUSD Chart

b2ap3_thumbnail_GBPUSD2_20150123-073013_1.png

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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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