GBPUSD bull pressures re-energized
· A very unexpected surging rally over the past 24 hours through firm barriers at 1.6880/85 and the 1.6923 level and 78.6% retrace of the sell off from the 1.6998 cycle peak has negated any bearish risks from the prior topping structure from May.
· This shifts the very near term outlook to far more bullish and sees risk through the critical 1.6998/1.7000 area to challenge the multi-year high from 2009 at 1.7044.
· 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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