GBPUSD Roadmap Update Sep 2017

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More upside
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Most likely this implies around 1.22 vs EUR
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Consolidation. May speech very important especially if noises are true that she will say something about paying for access to EU market
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So far successfully consolidating above 1.345 which are the post BREX Ref spike highs previous summer. Another key level, good to hold
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Sharper pullback to 1.335 possible
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Retail sails very solid and way above
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Cup and Handle potential formation argues for the upper range limit. Let's see first May on Friday
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If oil rises as is my base case, this also supports GBP
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This intrayear V reversal higher in GBPUSD argues for a 1-2 year retrace higher. Let's see how it goes first
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Today is MayDay, so let's see and listen
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Best will be to have some consolidation/small pullback to build the base for the next upleg
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Pullback in play
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Solid bounce off support
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Pullback is good so far, needs to establish a base in low 1.30s to attack 1.40
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Pound defending as expected the low 1.30s which were the post Brexit ref lows. Let's hope this is the new base established
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It does look more and more like base building for the next upleg. Attack or even bear trap at around 1.30 still cannot be excluded but so far quite constructive
Trend Analysis

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