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GBP/USD Surges Through 1.6120 With Aims At 1.6255

ByJay Hawk
Published 10/21/2013, 10:22 AM
Updated 07/09/2023, 06:31 AM

GBP/USD: surge through 1.6120, with aims at 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:
<span class=GBP/USD" title="GBP/USD" width="600" height="455" src="https://d1-invdn-com.akamaized.net/content/pica7256f71e86a90543af8a73bf75409f5.jpg">


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