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$GBPUSD Bullish Range Breakout Attempt

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$GBPUSD Bullish Range Breakout Attempt

A solid rebound back higher to the range last week, and despite the Monday failure back from 1.5690, a Tuesday breakout above here reinforces a bull tone for Wednesday and also can re-energize the underlying bull theme.

The July push through resistances from June, the rally from our 1.5327 retrace support, and rebound from ahead of the trend line from May all leaves an upside risk into August.

For Today:

We see an upside bias for 1.5717; break here aims for 1.5734 and 1.5789.

But below 1.5640 opens risk down to 1.5560/43, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We see a bullish rebound bias for 1.5681 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 
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4 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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