GBPUSD Weekly Outlook - bearish ranging or bullish reversal?

GBPUSD Weekly Outlook - bearish ranging or bullish reversal?

3 August 2015, 03:11
Sergey Golubev
2
1 138

Weekly price is on bearish market condition with below of 100-period SMA and 200-period SMA with the secondary ranging:

  • the price is ranging between the following key levels: 1.4565 support and 1.6021 resistance;
  • symmetric triangle pattern is going to be crossed by the price from above to below for the bearish condition to be continuing;
  • if the price will break 1.6021 resistance level located near 100-SMA and 200-SMA on the border of reversal zones so it will be the primary reversal for the price to the bullish condition, otherwise - bearish ranging;
  • Nearest support levels are 1.5169 (W1) and 1.4565 (W1);
  • Nearest resistance levels are 1.5929 (W1) and 1.6021 (W1).

Resistance
Support
1.5929 (W1)
1.5169 (W1)
1.6021 (W1)
1.4565 (W1)
  • if weekly price breaks 1.6021 resistance so we may see the primary reversal of the price movement to the bullish market condition;
  • if weekly price breaks 1.4565 support level so the primary bearish will be continuing without ranging up to the new 'bottom' to be forming;
  • if not so the price will be moved within the channel of the levels.