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GBPUSD Bear Risk for 1.6555

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GBPUSD Bear Risk for 1.6555

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.

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

4 Hour GBPUSD Chart

b2ap3_thumbnail_GBPUSD1.png

 

Daily GBPUSD Chart

b2ap3_thumbnail_GBPUSD2.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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