GBP/USD Bear Bias For 1.5627 Today
Steve Miley | Nov 25, 2014 02:15AM ET
GBPUSD bear bias for 1.5627 today; down to 1.5340 through month-end
A modest bounce effort Monday, but still very much defined by a sideways consolidation theme since mid-November, with recovery failures from modest 1.5725 and 1.5737/38 barriers.
This leaves bearish pressures intact from the mid-month push down through chart/ 61.8% retrace support 1.5750/20 and the early November breakdown through the 1.5854 weekly swing low from Q4 2013.
Short-term Outlook - Downside Risks:
The November risk is still lower to a key swing low at 1.5430; interim targets are at 1.5590 and 1.5503/00.
Overshoot threat for November is to the 78.6% retrace support at 1.5320.
What Changes This? Above 1.5738 eases bear risks; through 1.5885 signals a neutral tone, only shifting positive above 1.5945.
For Today: We see a downside bias for through 1.5672 for 1.5627; break here aims for 1.5590, maybe 1.5572. But above 1.5738 opens risk up to 1.5782.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.