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GBPUSD Looks for Bear Trend to Resume

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GBPUSD Looks for Bear Trend to Resume

GBPUSD sees cap at 1.6646, likely 1.6525 for downside risk to resurface

·         A further bounce within as now broader range environment, we now see defined by 1.6646 and 1.6162.

·         However, with the Scottish referendum over, we now see a likely upside capped by the higher level for Friday and into next week, potentially with the current rebound peak at 1.6525 proving a cap.

·         The mounting risk is for a roll back lower to the range, for 1.6400/6390 and maybe 1.6245.

·         Then for a re-energizing of the bear trend from July, through 1.6162 and 1.6050.


·         Downside: Below 1.6162 sees risk lower through 1.6050 for the 50% retrace at 1.6005, psychological 1.6000 and the 1.5854 weekly swing low from Q4 2013.

·         Upside: Above 1.6646 aims higher for 1.6740 and 1.6844.

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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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