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GBPUSD negative; bear pressures looking to re-energize

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GBPUSD negative; bear pressures looking to re-energize

A grind lower to begin the week and reinforce the defensive consolidation phase last week, capped by resistance at 1.4982/95 ahead of 1.5013 with a more negative bias likely for early April.

Given the previous setback from 1.5169 and the March plunge through 1.5000 and 1.4813, the 2013 swing low, we see bigger picture negative pressures intact. 

For Today:

  • We see a downside bias for 1.4753; break here aims for 1.4722, maybe 1.4689.
  • But above 1.4923 opens risk up to 1.4982/95, which we would look to again try to cap.

 

A taster of the report above. To view the full GBPUSD report with screencasts, levels and more, click here
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here

2 Hour GBPUSD Chart

b2ap3_thumbnail_GBPUSD2_20150331-054430_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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