Cable downside extension bias
· A very low level digestion Thursday of the push lower still capped by minor resistance at 1.6680 and ahead of better barriers at 1.6740 to leave bear pressures intact Friday and for latter August.
· The Tuesday plunge through the 61.8% retrace of the 2014 up leg at 1.6610 opened downside risks to the April swing low at 1.6555.
· Overshoot risk is still lower, maybe chart/ retrace targets at 1.6460/55.
WHAT CHANGES THIS?
· Above 1.6740 eases bear risks; through 1.6845 signals a neutral tone, only shifting positive above 1.6895.
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4 Hour GBPUSD Chart
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