Upside Bias
- A more resilient tone resurfacing with the advance from ahead of the trend line from the June low, which move up to 1.5485 on Thursday, having also held above a notable prop at 1.5420.
- We still look for a further rebound and with short-term momentum re-energizing positive (see the 8-day RSI), the risk is still higher into early Sept.
- GBPUSD Bullish Risks: The growing thereat back to 1.5750/80, key chart/ retrace targets.
- A break above here aims quickly to 1.5844/79 peaks, but with threat still higher to 1.6000/45, maybe higher.
- GBPUSD Bearish Risks: Below 1.5420 eases bull risks to a more neutral tone
The outlook only shifts negative below 1.5100.
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