Steve Miley, MSTA
MarketChartist
GBPUSD bear trend threats
We stated in our last client report that “the quick failure ahead of a better barrier at 1.6680 leaves the bias still lower into early September”.
The previous push through the April swing low at 1.6555 leaves bear pressures intact into September
The anticipated break through the 1.6513 low has already allowed for a probe of our chart/retrace targets at 1.6460/55.
Overshoot threat is now to modest supports at 1.6425/20, 1.6390/80 and 1.6305/00, but the threat into mid-September is lower, down to 1.6252, the 2014 low.
WHAT CHANGES THIS?
- Above 1.6680 eases bear risks; through 1.6740 signals a neutral tone, only shifting positive above 1.6845.
4 Hour GBPUSD Chart
Daily GBPUSD Chart
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