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GBP/USD bear trend re-energizing. – Market Chartist

FXStreet (Barcelona) - Steve Miley at Market Chartist sees the bear Break aiming for Key Chart/ 61.8% Retrace and targets 1.5750/20 level.

Key Quotes

“We saw skewed risk through midweek for a failure ahead of 1.6040 to leave a bear bias and the plunge to a new cycle low reinforces our ongoing bear view.”

“The breakdown last week through the 1.5854 weekly swing low from Q4 2013, leaves mid-month risk lower”

“We still see bear threat for chart/ 61.8% retrace support 1.5750/20.”

“The risk through mid-month is now to 1.5430; interim targets are at 1.5616 and 1.5503/00.”
“Overshoot threat for November is to the August 2013 weekly swing low at 1.5430.”

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