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GBP/USD Tops; Risk To Key Trend Line At 1.6715

Published 05/15/2014, 03:30 AM
Updated 12/12/2023, 05:55 AM

GBP/USD bearish bias for 1.6715 and 1.6660

A shift from a bullish to neutral to now bearish short-term tone after the significant sell off back from psychological 1.7000.

This has been signaled by the reversal below the trend line support from March and now a key 1.6762 swing low.

Below 1.6762 sets a better top and more bearish shift to target the critical trend line from 2013 at 1.6715 and maybe the 1.6660 swing low.

The 8-day RSI, short-term momentum is negative, but not oversold, leaving scope to go still lower this week.

WHAT CHANGES THIS?

Above 1.6875 eases bear risks; through 1.6905 signals a neutral tone, only shifting positive above 1.6939.

Please see full report with levels and latest audio-visual analysis here:

Daily GBP/USD Chart

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