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GBPUSD bear pressures set to re-energize

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GBPUSD bear pressures set to re-energize

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.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/GBPUSD.pdf

Daily GBPUSD Chart

b2ap3_thumbnail_GBPUSD1_20140925-060447_1.png

Weekly GBPUSD Chart

 

b2ap3_thumbnail_GBPUSD2_20140925-060452_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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