$GBPUSD Rebound Aims Back for Key 1.6877 Target Into Month-End
· With a resilient tone set within this week, a setback to and rebound from the 13-day EMA took place., now at 1.6600 to target modest chart resistance area at 1.6735/40.
· We look for further resilient digestion into midweek, but given the aggressive mid-Feb rally above a longer term target at 1.6745, we still see an upside bias.
· Above 1.6740 would see risk through the cycle peak at 1.6820 towards a key 2009 failure peak at 1.6877.
· Overshoot risk into early March is to the psychological 1.7000 and multi-year peak from 2009 at 1.7042
WHAT CHANGES THIS?
· Below 1.6600 eases bull risks; through 1.6390/80 signals a neutral tone, only shifting negative below 1.6250.
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