GBPUSD Technical Analysis 2014, 16.11 - 23.11: Monthly Reversal with 1.5592 as Key Support Level

D1 price is on bearish market condition with 1.5592 support level.

W1 price is on primary bearish with 1.5592 support.

MN price is on bearish market condition on open MN1 bar:

• Chinkou Span line of Ichimoku indicator crossed the price from above to below on open bar for good breakdown
• The price crossed Senkou Span A line from above to below and came to outside Ichimoku cloud/kumo and to bearish area of the chart
• Price crossed 1.5875 support level on open bar
  

If D1 price will break 1.5592 support level on close D1 bar so the primary bearish market condition will be continuing (good for sell trade for example).
If not so we may see the ranging within primary bearish market condition with 1.5592 as a support level.

• Recommendation for short: watch D1 price to break 1.5592 support for possible sell trade
• Recommendation to go long: n/a
  
• Trading Summary: breakdown
  

SUMMARY : bearish