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GBPUSD Bull Trend Intact, but Consolidation Needed

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GBPUSD Bull Trend Intact, but Consolidation Needed

The push this week through 1.5371, 1.5398, 1.5425 and 1.5459 resistance levels to hit 1.5500 maintains a bullish theme into early May.

The corrective setback and consolidation Thursday is likely to extend into Friday (and the UK holiday on Monday), but the strong rally from mid-April through the 18th March peak at 1.5164 has set a more bullish tone for May.

For Today: We see a neutral tone between 1.5270/55 and 1.5492/5500 (with a rebound bias)

Break above 1.5492/5500 aims for 1.5552/69, which we would look to try to cap.

Break below 1.5270/55 aims for 1.5174, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We now see a more positive tone with the bullish threat through 1.5500.

Above here targets 1.5552/69, 1.5620, 1.5786, 1.5826, 1.5879 and maybe 1.6000 into May.

What Changes This? Below 1.4911 eases bull risks; through 1.4854 signals a neutral tone, only shifting negative below 1.4566.

Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.


A taster of the report above. To view the full GBPUSD report with screencasts, levels and more, click here
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4 Hour GBPUSD Chart 


Daily Hour 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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