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GBPUSD Risk of a Bearish Shift through 1.6952

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GBPUSD Risk of a Bearish Shift through 1.6952

GBPUSD top developing; threat of a more bearish bias

·         We restate the view from our recent client reports that “whilst below 1.7152, we see a bias lower” and the push last week through the 1.7010/00 retrace/ chart area leaves threat for a more bearish shift.

·         This activity has reinforced the push through the “neckline” support from mid-June to maintain a negative tone to the range (range seen as 1.7192-1.6952).

·         The growing risk is for a July test to 1.6952 and more negative shift.

WHAT CHANGES THIS?

·         Downside: Below 1.6952 would set a more bearish theme to target 1.6923 and then retrace level at 1.6885.

·         Upside: A push above 1.7192 aims for a Fibo extension target at 1.7255 and the long term retrace at 1.7335.

 

Please see full report with levels and latest screencast here: http://members.marketchartist.com/Daily/GBPUSD.pdf

 

4 Hour GBPUSD Chart

b2ap3_thumbnail_GBPUSD2_20140728-061846_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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