8 Dec 2014
GBPUSD bear bias aims for key targets at 1.5430 and 1.5320 this week – MarketChartist
FXStreet (Barcelona) - Steve Miley of MarketChartist sees the GBP/USD pair aiming for 1.5430 and 1.5320 levels this week as bearish pressures re-energize into mid-December.
Key Quotes
“The setback since latter November from trend line resistance from July, now 1.5745 and chart barrier at 1.5827 sees bias for more significant bearish pressures re-energizing into mid-December.”
“A modest, interim target is seen next at 1.5503/00. The risk still into mid-December, however, is for a bearish extension to a key 2013 swing low at 1.5430.”
“Overshoot threat for year-end is to the 78.6% retrace support of the 2013-14 rally at 1.5320”
“For Today: We see a downside bias for 1.5555, 1.5530 and even 1.5503/00, which we would look to try to initially hold; break here aims for 1.5430. But only above 1.5649 targets 1.5697, where we would look for a cap; above opens risk up to 1.5727/30"
Key Quotes
“The setback since latter November from trend line resistance from July, now 1.5745 and chart barrier at 1.5827 sees bias for more significant bearish pressures re-energizing into mid-December.”
“A modest, interim target is seen next at 1.5503/00. The risk still into mid-December, however, is for a bearish extension to a key 2013 swing low at 1.5430.”
“Overshoot threat for year-end is to the 78.6% retrace support of the 2013-14 rally at 1.5320”
“For Today: We see a downside bias for 1.5555, 1.5530 and even 1.5503/00, which we would look to try to initially hold; break here aims for 1.5430. But only above 1.5649 targets 1.5697, where we would look for a cap; above opens risk up to 1.5727/30"