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29 Jul 2014
Cable risk of a more bearish bias - MarketChartist
FXStreet (Łódź) - Steve Miley, FX analyst at MarketChartist, suggests that the risk of a more bearish tone is increasing for GBP/USD through 1.6952.
Key quotes
“A low level digestion Monday and we simply restate the view from recent client reports that ‘whilst below 1.7152, we see a bias lower’.”
“The push last week through the 1.7010/00, retrace/ chart area reinforced the previous 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 late July test to 1.6952 and more negative shift.”
“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.”
Key quotes
“A low level digestion Monday and we simply restate the view from recent client reports that ‘whilst below 1.7152, we see a bias lower’.”
“The push last week through the 1.7010/00, retrace/ chart area reinforced the previous 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 late July test to 1.6952 and more negative shift.”
“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.”