GBPUSD break through 1.7063 aims for Fibo extension levels at 1.7130, 1.7175 and 1.7255
We stated in our last client report that “the better bounce from ahead of a firm support at 1.6923/20 has signalled risk of a quicker re-energizing of bullish pressures to leave the skewed bias through month/ quarter end to the recent multi-year high at 1.7063”.
The break above here reinforces the bigger picture bullish view, having overcome the 1.6998 cycle peak and psychological/ option barrier at 1.7000 and the 2009 peak at 1.7044, we see early July risks as still higher.
We still aim for Fibo extension levels at 1.7130, 1.7175 and 1.7255 and potentially a long term retrace at 1.7335.
WHAT CHANGES THIS?
- Below 1.6952 eases bull risks; through 1.6920 signals a neutral tone, only shifting negative below 1.6740.
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