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GBPUSD at 6 Year High above Critical 1.7044; Risk Still Higher

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GBPUSD at 6 Year High above Critical 1.7044; Risk Still Higher

GBPUSD bull threat reinforced

·         A rebound from our flagged support at 1.6925/20 post-FOMC to set up a surge to another new cycle high on Thursday.

·         Having overcome the 1.6998 cycle peak and psychological/ option barrier at 1.7000 on Monday, we have stated since last week that “we still see the near term outlook as extremely bullish with a bias to challenge the multi-year high from 2009 at 1.7044 this week”.

·         Above here now aims for Fibo extension levels at 1.7175 and 1.7255 and potentially into latter June for a long term retrace, at 1.7335.

WHAT CHANGES THIS?

·         Below 1.6860 eases bull risks; through 1.6800 signals a neutral tone, only shifting negative below 1.6740.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/GBPUSD.pdf

 

 

4 Hour GBPUSD Chart

b2ap3_thumbnail_GBPUSD2.png

Weekly GBPUSD Chart

b2ap3_thumbnail_GBPUSD1.png

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Tagged in: Bullish Forex FX GBP GBPUSD

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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