Steve Miley, MSTA
MarketChartist
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.
4 Hour GBPUSD Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
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