GBP/USD resilient above support; risk still higher to 1.6167
- A minor dip and a bounce Tuesday, to underscore resilient digestion, with activity the past week still seen as a corrective consolidation, still confined within last Wednesday’s surge range.
- The midweek rally through the 1.6000/45, psychological/ retrace targets, reinforces the previous push above peaks at 1.5844/79 and key chart/ retrace targets, 1.5710/50/80.
- Given the Double Bottom through 1.5750, the late Sept threat remains up towards the cycle high, 1.6382 and maybe closer to a 2011 failure peak at 1.6617 into Oct.
WHAT CHANGES THIS?
- Below 1.5885 eases bull risk; through 1.5750 shifts to a neutral tone and only to negative below 1.5680.
Please see latest audio-visual analysis here:
GBP/USD" title="Daily GBP/USD" src="https://d1-invdn-com.akamaized.net/content/pic02d3a72871e5e9e6fb416be92614e1ce.png" height="476" width="631">