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GBPUSD Gaps Down Through Key Support; Risk to 1.6005/00 This Week

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GBPUSD Gaps Down Through Key Support; Risk to 1.6005/00 This Week

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.


·         Above 1.6283 eases bear risks; through 1.6342 signals a neutral tone, only shifting positive above 1.6500.

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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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