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GBPUSD Bull Trend Intact, But Correction Bias

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GBPUSD Bull Trend Intact, But Correction Bias

We stated in our last report that "we see an upside bias for 1.5371; break here aims for 1.5398, 1.5425 maybe 1.5459" and the push through all these levels to hit 1.5500 maintains a bullish theme into early May.

Although we look for a potential corrective setback and consolidation Thursday (maybe Friday), the strong rally from mid-April through the 18th March peak at 1.5164 has set a more bullish tone for May.

For Today:

We see a downside bias for 1.5348; break here aims for 1.5270.

But above 1.5500 opens risk up to 1.5552/69, maybe 1.5620.

Short/ Intermediate-term Outlook - Upside Risks:

We now see a more positive tone with the bullish threat through 1.5500.

Above here targets 1.5552/69, 1.5620, 1.5786, 1.5826, 1.5879 and maybe 1.6000 into May.

What Changes This? Below 1.4911 eases bull risks; through 1.4854 signals a neutral tone, only shifting negative below 1.4566.

Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.

 

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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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