GBPUSD Technical Analysis - Monthly Forecast: Happy Bearish Pound Dollar!
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GBPUSD Technical Analysis - Monthly Forecast: Happy Bearish Pound Dollar!

24 October 2014, 12:11
Sergey Golubev
Sergey Golubev
0
314

MN price:

Chinkou Span line of Ichimoku indicator came to be very near with the price to be ready for crossing it from above to below for good breakdown. If it will be happened so I am expecting it in the beginning of December for example. The nearest support level is 1.6052 and price is going to break this level. By the way, the price is located ibnside Ichimoku cloud/kumo which is indicating the ranging market condition.

  • if Chinkou Span crosses the price from above to below on MN chart together with 1.6052 support level to be broken on close MN bar so I am expecting the reversal of the price movement from primary bullish to the primary bearish market condition. But as I said - it is possible not late than in December this year or in January next year for example, and in this case - we will see the totally bearish for this pair for whole next year. It will be bearish year for GBPUSD.
  • if not so we may see the secondary ranging market condition for all timeframes with this pair.

If we look at weekly chart so we may see that price is located inside Ichimoku cloud/kumo for ranging market condition within primary bearish.
Why primary bearish and how can I know about it? Price is inside kumo, and Senkou Span A line (one of the border of Ichimoku cloud/kumo) is located above the price.
How can I know the name of this line and location of this line on the chart? Move the mouse to the lines to see the names of it.
As we know - this Senkou Span A line is the virtual border between primary bullish and primary bearish.
Why "virtual border"? because it is not real situation ... it is just the situation on this MN chart with this indicator only ... because we know that no any such as borders/levels in forex in general :)

Resistance
Support
1.6643
1.6052
1.7189
1.5875

To make it shortly - key timeframe for total reversal of GBPUSD from bullish to the bearish is MN1, and watch Chinkou Span crosses the price from above to below together with 1.6052 support level to be broken on close MN bar.

If it's happened so - Happy Bearish GBPUSD to you all for all time long!

  • Recommendation for short: watch MN1 price to break 1.6052 support for possible sell trade
  • Recommendation to go long: N/A

Trading Summary: ranging


#support, pound, technical analysis, psy level
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