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11 Dec 2014
GBP/USD bear bias eases – MarketChartist
FXStreet (Barcelona) - According to Steve Miley of Market Chartist, the GBP/USD bear bias has eased, but below 1.5827 still sees the downside risks intact.
Key Quotes
“A better rebound effort now this week, to break the trend lines from July and mid-November and the barrier at 1.5730.”
“This leaves risk for a test to the latter November failure peak at 1.5827, only through which see a base and shift to a range theme.”
“But whilst below 1.5827, we see downside risks as intact, leaving negative pressures through mid-December.”
“Short-term Outlook - Downside Risks: A modest, interim target below the 1.5541 new cycle low 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.”
Key Quotes
“A better rebound effort now this week, to break the trend lines from July and mid-November and the barrier at 1.5730.”
“This leaves risk for a test to the latter November failure peak at 1.5827, only through which see a base and shift to a range theme.”
“But whilst below 1.5827, we see downside risks as intact, leaving negative pressures through mid-December.”
“Short-term Outlook - Downside Risks: A modest, interim target below the 1.5541 new cycle low 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.”