GBPUSD bear trend resumption threat
· We have stressed in our recent reports to clients that “the previous roll back from the 1.6186 level ahead of the solid barrier at 1.6228 see bias for a roll back to the rebound range for 1.5995 and 1.5940 later this week”.
· The plunge back from 1.6186 through 1.5995 aims for 1.5940 into Thursday and still lower through month-end.
· We still see a more negative theme into late October/ early November for extension below 1.5875 to the 1.5854 weekly swing low from Q4 2013.
· Below here, sees threat lower to aim for chart/ 61.8% retrace support 1.5750/20.
WHAT CHANGES THIS?
· Above 1.6186 signals a base and neutral tone, now shifting positive above 1.6228.
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Daily GBPUSD Chart
Weekly GBPUSD Chart