GBPUSD Technical Analysis 2014, 09.11 - 16.11: Ranging Bearish

D1 price is on primary bearish with secondary ranging with 1.5789 as the nearest support level.

H4 price is market rally within bearish market condition:

• Chinkou Span line is located too far from the price for any breakoutr or breakdown for example.
• Senkou Span A line of Ichimoku indicator is located exact above the price for possible reversal of the price movement from primary bearish to the primary bullish market condition
  
• The nearest support levels are 1.5827 and 1.5789
  
• Nearest resistance level is 1.5916
  

W1 price is on primary bearish market condition with the following particularities:

• New W1 bar was opened below Ichimoku cloud/kumo with Senkou Span B as the nearest border line
• Key support is 1.5789
• H4 price can be reversed to be inside kumo for ranging market condition anytime as Senkou Span B like is not strong enough to be a resistance leve for example
  

MN price: this is breakdown on open MN price going right now:

• Chinkou Span line of Ichimoku indicator is crossing the price from above to below
• The price is crossing 1.5875 support on open MN price for now
• The price is breaking Senkou Span A line to be reversed from primary bullish to the primary bearish condition on MN timeframe.
  

If D1 price will break 1.5789 support level so the primary bearish will be continuing (good to open sell trade for example)
If not so we may see the ranging or rally within bearish market condition with the price floating between 1.6161 resistance and 1.5789 support.

• Recommendation for short: watch D1 price to break 1.5789 support for possible sell trade
• Recommendation to go long: n/a
  
• Trading Summary: bearish
  

SUMMARY : bearish

TREND : ranging