GBP/USD Eyes Key Trend Line Support At 1.6770
Steve Miley | May 28, 2014 04:37AM ET
A bearish outside pattern Tuesday, back from ahead of modest range resistance at 1.6925 to push through 1.6802.
This leaves a decidedly negative tone within the range theme between the critical trend line from 2013, now at 1.6770 and the topping resistance area at 1.6939/40.
The strong threat is for a reversal of the trend line for a more bearish reversal and negative shift into month-end (on Wednesday?).
h3 /h3 h3 What Changes This?/h3Downside: Below the trend line from Nov 2013 at 1.6770 sees a bear shift again for 1.6660 and 1.6555.
Upside: Above 1.6940 re-energizes bullish pressures through the 1.6998 peak and critical 1.7000 option barrier.
Above targets the multi-year high 1.7042.
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