GBPUSD bear trend extension risk for late September
· We stated in our last report that “whilst below 1.6525, we still look for a roll back lower after the bullish failure last Friday back from this level”.
· We still risk back to 1.6300 and through our lower target at 1.6245 late this week, within the broader range environment, 1.6525 to 1.6162.
· The skewed risk to the range theme is for a re-energizing of the bear trend from July, through 1.6162 and 1.6050.
WHAT CHANGES THIS?
· Downside: Below 1.6162 sees risk lower through 1.6050 for the 50% retrace at 1.6005, psychological 1.6000 and the 1.5854 weekly swing low from Q4 2013.
· Upside: Above 1.6646 aims higher for 1.6740 and 1.6844.
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Daily GBPUSD Chart
Weekly GBPUSD Chart