GBPUSD bear bias for 1.5627 today; down to 1.5340 through month-end
A modest bounce effort Monday, but still very much defined by a sideways consolidation theme since mid-November, with recovery failures from modest 1.5725 and 1.5737/38 barriers.
This leaves bearish pressures intact from the mid-month push down through chart/ 61.8% retrace support 1.5750/20 and the early November breakdown through the 1.5854 weekly swing low from Q4 2013.
Short-term Outlook - Downside Risks:
The November risk is still lower to a key swing low at 1.5430; interim targets are at 1.5590 and 1.5503/00.
Overshoot threat for November is to the 78.6% retrace support at 1.5320.
What Changes This? Above 1.5738 eases bear risks; through 1.5885 signals a neutral tone, only shifting positive above 1.5945.
For Today: We see a downside bias for through 1.5672 for 1.5627; break here aims for 1.5590, maybe 1.5572. But above 1.5738 opens risk up to 1.5782.
