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7 Aug 2014
GBP/USD bearish trend extension threat - MarketChartist
FXStreet (Łódź) - Steve Miley, FX analyst at MarketChartist sees a GBP/USD bear risk to 1.6813/00 next and to the key level of 1.6695 into mid-month.
Key quotes
"However, the recent push below 1.6835, the 38.2% retrace of the 2014 up leg reinforced the prior break of 1.6952 and the trend line from Feb and leaves risk lower."
"Into mid-August, we see risk for the 1.6800 retrace/ impulse low and modest 1.6740 prop, but, overshoot risk is now likely lower to the key 1.6695 swing low."
"Above 1.6895 eases bear risks; through 1.7055 signals a neutral tone, only shifting positive above 1.7095."
Key quotes
"However, the recent push below 1.6835, the 38.2% retrace of the 2014 up leg reinforced the prior break of 1.6952 and the trend line from Feb and leaves risk lower."
"Into mid-August, we see risk for the 1.6800 retrace/ impulse low and modest 1.6740 prop, but, overshoot risk is now likely lower to the key 1.6695 swing low."
"Above 1.6895 eases bear risks; through 1.7055 signals a neutral tone, only shifting positive above 1.7095."