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: