- A notable Tuesday dip, but still resilient digestion whilst above chart props at 1.5895/85
- We favour consolidation through midweek, but still see the skewed threat of a re-energized bull theme with the 1.6255 Sept peak key.
- Only below 1.5885 signals a bear shift.
WHAT CHANGES THIS?
Upside: Above the peak at 1.6255 re-energizes upside pressures through the cycle high, 1.6382 with overshoot risk into Nov towards a 2011 failure peak at 1.6617
Downside: Below 1.5895/85 signals a more notable bearish reversal down to chart/ pivot supports at 1.5775/50/10.
Weekly GBPUSD
Time in Dhaka
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On Friday the pair printed a fresh multi-year high at 1.7179 but then pulled back and ended hovering around 1.7155, with a weekly gain of more than a hundred pips. The pair still holds bullish momentum despite the recovery of the US dollar across the board. I got this analysis from OctaFX platform.
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