GBP/USD Bear Bias With Stall At 1.5737
Steve Miley | Nov 20, 2014 04:08AM ET
A better rebound effort than anticipated Wednesday, but despite a nudge at retrace resistance at 1.5725, the better barrier at 1.5735 peak has capped.
This leaves bearish pressures intact for a roll lower to the range, given the push last week through chart/ 61.8% retrace support 1.5750/20 and the early November breakdown through the 1.5854 weekly swing low from Q4 2013.
The November risk is still lower to a key swing low at 1.5430; interim targets are at 1.5593 and 1.5503/00.
Overshoot threat for November is to the 78.6% retrace support at 1.5320.
What Changes This? Above 1.5737 eases bear risks; through 1.5945 signals a neutral tone, only shifting positive above 1.6040.
For Today: We see a downside bias through 1.5646 for 1.5590; break here aims for 1.5572, maybe 1.5550. But above 1.5737 opens risk up to 1.5782.
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