Steve Miley, MSTA
MarketChartist
GBPUSD bear trend intact with cap at 1.6228
Despite the better bounce effort from last week, we stated in our last report to clients that this would “open upside into midweek towards a better barrier at 1.6228, which we would look to try to cap”.
The Tuesday setback from ahead of here (1.6186) now see bias for a roll back to the rebound range for 1.6030 and maybe 1.5940.
We also still see a more negative theme into the latter part of the month to the 1.5854 weekly swing low from Q4 2013, into next week.
Below here, sees threat lower to aim for chart/ 61.8% retrace support 1.5750/20.
WHAT CHANGES THIS?
- Above 1.6228 signals a neutral tone, only shifting positive above 1.6415/20.
Daily GBPUSD Chart
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