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GBP/USD bearish pressure intact - MarketChartist

FXStreet (Barcelona) - Steve Miley at Market Chartist notes the bearish pressure to remain intact for the GBP/USD pair for a roll lower towards 1.5590 levels.

Key Quotes

“A better rebound effort than anticipated Wednesday, but despite a nudge at retrace resistance at 1.5725, the better barrier at 1.5735 peak has capped.”

“This leaves bearish pressures intact for a roll lower to the range, given the push last week through chart/ 61.8% retrace support 1.5750/20 and the early November breakdown through the 1.5854 weekly swing low from Q4 2013.”

“We see a downside bias through 1.5646 for 1.5590; break here aims for 1.5572, maybe 1.5550. But above 1.5737 opens risk up to 1.5782.”

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