GBPUSD Weekly Outlook - daily close above 1.5700 and weakness under 1.5470
5 August 2015, 21:11
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W1 price is located below 200 period SMA
(200-SMA) and below 100 period SMA (100-SMA) for the primary bullish with
secondary ranging within consoludation channel of Fibo resistance at 1.5929 and 50.0% Fibo
support level at 1.5250:
- symmetric triangle pattern is going to be crossed by the price from below to above for the bullish trend to be continuing;
- “GBP/USD has settled into a range below the 61.8% retracement of the June/July decline at 1.5700”;
- "Weakness under 1.5470 is needed to trigger another leg lower in the pound";
- “A daily close above 1.5700 would turn us positive on GBP/USD”.
If the price will break 50.0% Fibo
support level at 1.5250 so the secondary correction within the primary bearish will be started.
If the price will break Fibo resistance level at 1.5929 from below to above so we may see the reversal of the price movement from the primary bearish to the bullish market condition.
If not so the price will be ranging between between the levels.
Trend:
