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GBPUSD Bull Pressures Re-energized

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GBPUSD Bull Pressures Re-energized

A further strong rally Thursday, building on the prior defence of our flagged support at 1.5538 (from 1.5539) to another new rebound high and as we had stated "we see an upside bias for 1.5677/1.5700; break here aims closer to 1.5815/26" to reinforce the recovery theme into Wednesday.

Furthermore, the early June rebound from above a key foundation at 1.5087 (from support now established at 1.5189/69) leaves a bullish recovery tone for June.

For Today:

We see an upside bias for 1.5879; break here aims for 1.5945, maybe closer to 1.6000.

But below 1.5815 opens risk down to 1.5700 and 1.5675, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We see the bullish threat to 1.5879.

Above here targets 1.6000 and 1.6182/88.

Overshoot threat is closer to 1.6525.

What Changes This? Below 1.5087 signals a neutral tone, only shifting negative below 1.4854.

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2 Hour GBPUSD Chart 


Daily GBPUSD Chart


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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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