Cable risk of a more bearish bias - MarketChartist

By FXstreet.com | Updated July 29, 2014 AAA

FXStreet (Łódź) - Steve Miley, FX analyst at MarketChartist, suggests that the risk of a more bearish tone is increasing for GBP/USD through 1.6952.

Key quotes



“A low level digestion Monday and we simply restate the view from recent client reports that ‘whilst below 1.7152, we see a bias lower’.”



“The push last week through the 1.7010/00, retrace/ chart area reinforced the previous push through the ‘neckline’ support from mid-June to maintain a negative tone to the range (range seen as 1.7192-1.6952).”



“The growing risk is for a late July test to 1.6952 and more negative shift.”



“Downside: Below 1.6952 would set a more bearish theme to target 1.6923 and then retrace level at 1.6885.”



“Upside: A push above 1.7192 aims for a Fibo extension target at 1.7255 and the long term retrace at 1.7335.”



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