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GBPUSD Election Surge Aims for Higher Targets

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GBPUSD Election Surge Aims for Higher Targets

A surge overnight post the UK Election Day, to reinforce the base that has built this week in the 1.5088/87 area to overcome the late April recovery high 1.5500 and maintain a bullish theme into May.

For Today:

We see an upside bias for 1.5552/69; break here aims for 1.5620, maybe closer to 1.5786.

But below 1.5400 opens risk down to 1.5250, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We see a more positive tone with the bullish threat through 1.5552/69.

Above here targets 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.


 

A taster of the report above. To view the full GBPUSD report with screencasts, levels and more, click here
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2 Hour GBPUSD Chart

b2ap3_thumbnail_gb2_20150508-055543_1.png

Daily GBPUSD Chart

b2ap3_thumbnail_gb1_20150508-055540_1.png

 

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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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