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$GBPUSD Rebound Reinforces Underlying Bull Theme

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$GBPUSD Rebound Reinforces Underlying Bull Theme

A strong rally Tuesday for a bullish outside pattern to hit our 1.5629/44 target area and reinforce the recent bounce from our 1.5327 retrace support level.

This keeps a bias for further upside through midweek.

Furthermore, despite the July correction, we have maintained the view that whilst above 1.5169 we see a bullish recovery tone for July from the previous push through a long term retrace barrier at 1.5879 and the 1.5815 May peak.

For Today:

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

But below 1.5555/50 opens risk down to 1.5450.

Short/ Intermediate-term Outlook - Upside Risks:

We see a bullish rebound bias for 1.5629/44 and 1.5789.

Threat above is then to 1.5930 and 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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2 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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