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GBPUSD Setback Bias to 1.6925/20, Which Can Provide Support

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GBPUSD Setback Bias to 1.6925/20, Which Can Provide Support

GBPUSD corrective setback risk

  • A more defensive tone than anticipated on Tuesday, with a probe below modest chart support at 1.6985/75.
  • This leaves risk for a further correction into midweek, towards our previously defended (post-FOMC) support at 1.6925/20.
  • We look for this support to try to hold and having overcome the 1.6998 cycle peak and psychological/ option barrier at 1.7000 and the 2009 peak at 1.7044, see late June risks as still higher.
  • Whilst above 1.6925/20 we aim for Fibo extension levels at 1.7175 and 1.7255 and potentially into early July for a long term retrace, at 1.7335.

WHAT CHANGES THIS?

  • Below 1.6920 eases bull risks; through 1.6800 signals a neutral tone, only shifting negative below 1.6740.

4 Hour GBPUSD Chart

GBPUSD

Weekly 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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