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GBPUSD Bull Break Threat Above Critical 1.7000 for Key 1.7044

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GBPUSD Bull Break Threat Above Critical 1.7000 for Key 1.7044

GBPUSD upside pressures

·         A push still higher into the end of the week to reinforce the surging Thursday rally through firm barriers at 1.6885 and 1.6923, poised at the 1.6998 cycle peak.

·         This has negated any bearish risks from the prior topping structure from May.

·         This leaves the very near term outlook extremely bullish and sees risk through the critical  1.6998/1.7000 area to challenge the multi-year high from 2009 at 1.7044 this week (Monday?)

·         Above here would then aim for Fibo extension level at 1.7175 and 1.7255 and a long term retrace, at 1.7335.


·         Below 1.6860 eases bull risks; through 1.6800 signals a neutral tone, only shifting negative below 1.6740.

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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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