Steve Miley, MSTA
MarketChartist
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.
Daily GBPUSD Chart
Weekly 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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