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Sunday, July 27, 2014

GBPUSD Risk of a Bearish Shift through 1.6952

  •  We restate the view from our recent client reports that “whilst below 1.7152, we see a bias lower” and the push last week through the 1.7010/00 retrace/ chart area leaves threat for a more bearish shift.

  • This activity has reinforced the push through the “neckline” support from mid-June to maintain a negative tone to the range (range seen as 1.7192-1.6952).

  • The growing risk is for a July test to 1.6952 and more negative shift.

WHAT CHANGES THIS?
  • Downside: Below 1.6952 would set a more bearish theme to target 1.6923 and then retrace level at 1.6884.
  • Upside: A push above 1.7192 aims for a Fibo extension target at 1.7255 and the long term retrace at 1.7335.

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