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GBP/USD: Strong Range Definition

Published 09/19/2014, 05:50 AM
Updated 12/12/2023, 05:55 AM

GBP/USD Range Theme: 1.6500 and 1.6162 breakout parameters

  • A better bounce effort to push above 1.6342, to ease bear pressures for a switch to a neutral range theme, unsurprising ahead of the Scottish referendum on Thursday.
  • We now see the range defined by 1.6500 and 1.6162.
  • We still see a skewed bias for a bearish breakout however, and even given a more bullish tone, see 1.6500 capping for a re-energizing of the bear threat from July.
  • WHAT CHANGES THIS?
  • Upside: Above 1.6500 aims higher for 1.6646 and 1.6740.
  • Downside: Below 1.6162 sees risk lower through 1.6050 for the 50% retrace at 1.6005, psychological 1.6000 and the 1.5854 weekly swing low from Q4 2013.

Daily GBP/USD Chart

Weekly GBP/USD Chart

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