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GBPUSD Eyes Key Trend Line Support at 1.6770

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GBPUSD Eyes Key Trend Line Support at 1.6770

GBPUSD bearish shift threat

  • A bearish outside pattern Tuesday, back from ahead of modest range resistance at 1.6925 to push through 1.6802.

  • This leaves a decidedly negative tone within the range theme between the critical trend line from 2013, now at 1.6770 and the topping resistance area at 1.6939/40.

  • The strong threat is for a reversal of the trend line for a more bearish reversal and negative shift into month-end (on Wednesday?).

 WHAT CHANGES THIS?

  • Downside: Below the trend line from Nov 2013 at 1.6770 sees a bear shift again for 1.6660 and 1.6555.

  • Upside: Above 1.6940 re-energizes bullish pressures through the 1.6998 peak and critical 1.7000 option barrier. Above targets the multi-year high 1.7042.

Daily GBPUSD Chart

GBPUSD

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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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