GBP/USD: ranging within refined level. The pair is ranging in refined consoludating levels between 1.5329/1.4565 support and 1.5689/1.5929 resistance. The key levels here are the following:
- 1.4565 support level located far below Ichimoku cloud in primary bearish area of the chart; if the price breaks this level from above to below so we may see good breakdown of the price movement and out "ranging story" with this pair will be ended successfully.
- 1.5929 resistance level located near 100-SMA and 200-SMA on the reversal between bullish and bearish; if the price breaks this level from below to above so we may see the reversal of the price movement to be out of ranging zone, with good breakout possibilities - the price will be moved on fully trend following way.
There are intermediate levels for the price to be broken to reach the key levels: 1.5329 support level and 1.5689 resistance level. It means that the price should break one of those intermediate level for the key levels to be the real targets. For example, we can speak about global reversal of GBP/USD to the bullish condition only if the price will cross 1.5689 resistance intermediate level on the way to the bullish target 1.5929.
On this way, we should monitor the price movement to watch those intermediate levels to understand about which scenario with which key level will be affected in the near future for example.
| Resistance | Support |
|---|---|
| 1.5689 | 1.5329 |
| 1.5929 | 1.4565 |
