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.”



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Video: AUDUSD, GBPUSD and USDJPY Better Trade Options Than EURUSD

  2. Forex News

    BoE Policy Meeting Preview - Rabobank

  3. Forex News

    GBP/USD sinks to 1.5570

  4. Forex News

    GBP/USD off highs, near 1.5620

  5. Forex News

    Euro Faces Weekend Gap Risk with Greek Referendum Sunday

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!