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GBP/USD bear bias for 1.5627 today – MarketChartist

FXStreet (Barcelona) - Steve Miley of MarketChartist, notes GBP/USD bear bias for 1.5627 today, down to 1.5340 through month-end.

Key Quotes

“A modest bounce effort Monday, but still very much defined by a sideways consolidation theme since mid-November, with recovery failures from modest 1.5725 and 1.5737/38 barriers.”

“This leaves bearish pressures intact from the mid-month push down 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 for through 1.5672 for 1.5627; break here aims for 1.5590, maybe 1.5572. But above 1.5738 opens risk up to 1.5782.”

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