GBPUSD Intra-Day Technical Analysis - correction to reversal

GBPUSD Intra-Day Technical Analysis - correction to reversal

20 July 2015, 11:55
Sergey Golubev
0
698

H4 price is on bullish market condition with secondary correction trying to break 1.5552 support for the local downtrend as a corection to be continuing:

  • Chinkou Span line is located above and near the price for ready to break it from above to below for possible breakdown of the price movement.
  • 'Reversal' Senkou Span A line as the border between the primary bullish and the primary bearish on the chart is located below and near the price.
  • The price is located above Ichimoku cloud/kumo which is indicating the primary bullish market condition
  • The nearest support level for H4 price is 1.5552.
Resistance
Support
1.5641 (H4)
1.5552 (H4)
1.5674 (D1)
1.5450 (D1)


If H4 price will break 1.5552 support level on close H4 bar so the secondary correction will be continuing with good possibility to reversal of the price movement to the bearish market condition.
If not so we may see the bullish with ranging between Senkou Span A line and 1.5674 resistance level.

  • Recommendation for short: watch H4 price to break 1.5552 support for possible sell trade
  • Recommendation to go long: N/A
  • Trading Summary: possible breakdown with reversal

SUMMARY : bullish

TREND : breakdown
Share it with friends: