GBPUSD bear trend further reinforced
· A significant break below our chart/ retrace targets at 1.6460/55 last week to reinforce significant bear pressures into mid-September
· The aggressive bear gap today (gap top, 1.6283) has produced a push through the 38.2% retrace of the entire 2013-14 up leg at 1.6285, and chart supports 1.6252/20.
· This leaves the bias still lower into this week, but we do see bias for a bounce and bear gap close today.
· The mid-September threat is now to the 50% longer term retrace at 1.6005, psychological 1.6000 and the 1.5854 weekly swing low from Q4 2013.
WHAT CHANGES THIS?
· Above 1.6283 eases bear risks; through 1.6342 signals a neutral tone, only shifting positive above 1.6500.
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Daily GBPUSD Chart
Weekly GBPUSD Chart