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GBP/USD To Extend Gains Through 1.5844/79

GBP/USD To Extend Gains Through 1.5844/79

GBPUSD to extend gains through 1.5844/79 closer to 1.6000/45 targets this week

  • As expected, a better push through not just the August peak at 1.5710, but a surge above key chart/ retrace targets, 1.5750/80.
  • This established a Double Bottom and points to still further upside whilst pushing up ahead of the trend line from the June low, now at 1.5540. (having held a key prop 1.5420 in August) .
  • With the 8-day RSI positive, but not OB, the risk remains higher into mid-Sept.
  • As stated “a break above [1.5750] aims quickly to 1.5844/79 peaks, but with threat still higher to 1.6000/45”.
  • Overshoot risk is to 1.6167 and maybe to the cycle high at 1.6382.

WHAT CHANGES THIS?

  • Below 1.5540 shifts to a neutral tone, only shifting negative below 1.5420.

Please see latest audio-visual analysis here:

Daily GBPUSD

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