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$GBPUSD Range Theme, but Underlying Bull Bias

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$GBPUSD Range Theme, but Underlying Bull Bias

A dip and a bounce to maintain range phase that has dominated since mid-July and leave a consolidation theme for early August.

However, the early July push through resistances from June and the rally from our 1.5327 retrace support, leaves an upside risk into August.

For Today: We see a neutral tone between 1.5525 and 1.5650 (with a positive bias).

Break above 1.5650 aims for 1.5681, maybe 1.5734, which we would look to try to cap.

Break below 1.5525 aims for 1.5464, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We see a bullish rebound bias for 1.5671/76 and 1.5789.

Threat above is then to 1.5930, 1.6000 and 1.6182/88.

Overshoot threat closer to 1.6525.

What Changes This? Below 1.5169 signals a neutral tone, only shifting negative below 1.5087. 

A taster of the report above. To view the full GBPUSD report with screencasts, levels and more, click here 
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here

2 Hour GBPUSChart


Daily GBPUSD Chart


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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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