GBPUSD bear trend intact
· We stated in our last report that “we see upside risk for now, towards 1.6250/88, but a cap ahead of here” and the stall just ahead of here leaves a still negative bias into mid-October,.
· The early October plunge below the 1.6050, the 50% retrace at 1.6005 and psychological 1.6000, leaves mid-month risk still lower.
· We see bias today back towards 1.6030/25.
· We still see risk to the 1.5854 weekly swing low from Q4 2013 into mid-month.
· Below here, see threat lower to aim for chart/ 61.8% retrace support 1.5750/20.
· WHAT CHANGES THIS?
· Above 1.6250 eases bear risks; through 1.6288 signals a neutral tone, only shifting positive above 1.6415/20.
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Daily GBPUSD Chart
Weekly GBPUSD Chart