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GBP/USD Range Theme Intact

BySteve Miley
Published 07/25/2013, 03:17 AM
British Pound US Dollar
-0.03%
GBPUSD range theme intact whilst below 1.5490/1.5530
  • A slightly more cautious tone over the past 24 hours from a new recovery high, hesitant to challenge strong resistance at 1.5490/5330 having previously pushed through the 1.5305 peak from early July.
  • This maintains a neutral, short-term outlook for latter July and favours a range theme between 1.5490/5330 and basing support at 1.5030/00.
WHAT CHANGES THIS?
  • Upside: A push above 1.5530 is needed to re-energize bull pressures. This would then aim for the June sewing high and retrace target area art 1.5750/90 and maybe to 1.5844/79.
  • Downside: Below 1.5030/00 would re-energize downside risks for extension to the cycle lows at 1.4830/15.
Please see latest audio-visual analysis here:
Daily <span class=GBP/USD" title="Daily GBP/USD" width="631" height="458">
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