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.
WHAT CHANGES THIS?
· 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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Daily GBPUSD Chart
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