17 Dec 2014
GBP/USD conflicted, but has a skewed basing risk up through 1.5827 – MarketChartist
FXStreet (Barcelona) - According to Steve Miley of Market Chartist, Tuesday’s rebound of GBP/USD through the 1.5748 area sees risk skewed towards an upward push through 1.5827, the November failure peak.
Key Quotes
“Despite the Monday dip through supports, the Tuesday rebound through the 1.5748/58/65 area sees risk for a push up through the latter November failure peak at 1.5827, for a better base and upside pressures.”
“For Today: We see an upside bias for 1.5827; break here aims for 1.5946. But below 1.5688 opens risk down to 1.5612/01, maybe the 1.5541 cycle low.”
“Short-term Outlook - Downside Risks: Whilst below 1.5827 the downside bias is intact. 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
“Despite the Monday dip through supports, the Tuesday rebound through the 1.5748/58/65 area sees risk for a push up through the latter November failure peak at 1.5827, for a better base and upside pressures.”
“For Today: We see an upside bias for 1.5827; break here aims for 1.5946. But below 1.5688 opens risk down to 1.5612/01, maybe the 1.5541 cycle low.”
“Short-term Outlook - Downside Risks: Whilst below 1.5827 the downside bias is intact. 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.”