Steve Miley, MSTA
MarketChartist
Cable ($GBPUSD) bull theme re-energizing
We stated in our last report to clients on Wednesday that “we look for the 1.6625 level to hold this week to provide a platform for a push back higher, given the early April rally up through 1.6785 set a more bullish tone”.
A more robust tone through midweek for a prod back above 1.6800 and overnight a push to a new recovery high through 1.6820/25.
This now leaves the threat still higher to target a longer term level at 1.6877, potentially today and certainly into next week.
The risk for late April is now still higher to psychological 1.7000 and the multi-year high from 2009 at 1.7042.
WHAT CHANGES THIS?
- Below 1.6625 eases bull risks; through 1.6550 signals a neutral tone, only shifting negative below 1.6465.
Monthly GBPUSD
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