GBP/USD: Bearish Extension Bias
Steve Miley | Oct 30, 2014 03:55AM ET
GBPUSD bear trend resumption threat
We have stressed in our recent reports to clients that “the previous roll back from the 1.6186 level ahead of the solid barrier at 1.6228 see bias for a roll back to the rebound range for 1.5995 and 1.5940 later this week”.
The plunge back from 1.6186 through 1.5995 aims for 1.5940 into Thursday and still lower through month-end.
We still see a more negative theme into late October/ early November for extension below 1.5875 to the 1.5854 weekly swing low from Q4 2013.
Below here, sees threat lower to aim for chart/ 61.8% retrace support 1.5750/20.
WHAT CHANGES THIS?
Above 1.6186 signals a base and neutral tone, now shifting positive above 1.6228.
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