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GBPUSD Threat of Renewed Bear Pressures; Needs Break of 1.6162

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GBPUSD Threat of Renewed Bear Pressures; Needs Break of 1.6162

GBPUSD bear trend extension risk into October

·         A lower low and lower high Monday to reinforce the push below 1.6245 on Friday, as we had expected to leave risk to the bottom of the broad range seen as 1.6525 to 1.6162.

·         We see skewed risk for a re-energizing of the bear trend from July, through 1.6162, confirmed below 1.6050 (see below)

·         Only above 1.6420 sets a more positive range tone.

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.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/GBPUSD.pdf

Daily GBPUSD Chart

b2ap3_thumbnail_GBPUSD1_20140930-063053_1.png

Weekly GBPUSD Chart

 

b2ap3_thumbnail_GBPUSD2_20140930-063055_1.png 

 

 

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Tagged in: CABLE Forex FX GBP GBPUSD

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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