GBPUSD upside pressures
· A push still higher into the end of the week to reinforce the surging Thursday rally through firm barriers at 1.6885 and 1.6923, poised at the 1.6998 cycle peak.
· This has negated any bearish risks from the prior topping structure from May.
· This leaves the very near term outlook extremely bullish and sees risk through the critical 1.6998/1.7000 area to challenge the multi-year high from 2009 at 1.7044 this week (Monday?)
· Above here would then aim for Fibo extension level at 1.7175 and 1.7255 and 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.
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Daily GBPUSD Chart
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