Flagged GBP/USD surges through 1.6120, aims through 1.6255 for 1.6382
- Despite a cautious tone on an approach to the 1.6255 Sept peak, the Thursday surge higher signalled a constructive bias within a still range environment, but with heightened risk of a shift to a more bullish tone again above 1.6255.
- The prior rebound from above chart support, at 1.5885 rejected a more bearish shift and reinforces upside risk.
WHAT CHANGES THIS?
- Upside: Above the peak at 1.6255 re-energizes through the cycle high, 1.6382 with overshoot risk into Nov towards a 2011 failure peak at 1.6617.
- Downside: Below 1.58855 signals a more notable bearish reversal down to chart/ pivot supports at 1.5775/50/10.
Please see latest audio-visual analysis here:
GBP/USD" title="Daily GBP/USD" src="https://d1-invdn-com.akamaized.net/content/picfa23cc925ef977cd0294fc22be1dfc2c.png" height="469" width="629">