GBPUSD Price Action Analysis - below PP YR1 at 1.5946 with Triangle pattern

W1 price is located between yearly Central Pivot at 1.5946 and S1 Pivot at 1.4702:

• The price is on bearish market condition for ranging between Central Pivot level at 1.5946 and S1 Pivot level at 127.96;
• The price is breaking triangle pattern for the direction;
• If weekly price will break S1 Pivot level at 127.96 from above to below so the primary bearish market condition will be continuing up to S2 Pivot level as the new bottom; if price will break PP YR1 at 1.5946 from below to above so we can see the reversal of the price movement to the primary bullish condition; otherwise the price will be ranging within yearly Central Pivot and yearly S1 Pivot;
  
• “A move under 1.5485 is needed to re-instill some downside momentum into the exchange rate”;
• “A daily close over 1.5700 would turn us positive on the pound”;

Trend:

• W1 - ranging bearish
  
• MN1 - ranging bearish