GBPUSD Next Week Outlook - bear market rally or bearish to be continuing

GBPUSD Next Week Outlook - bear market rally or bearish to be continuing

15 October 2015, 15:11
Sergey Golubev
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W1 price is located below 200 period SMA and below 100 period SMA for the primary bearish market condition with the secondary ranging between 50.0% Fibo resistance level at 1.5522 and Fibo support level at 1.5089:

  • 23.6% Fibo support level at 1.5599 was crossed by the price from below to above for the 50.0% Fibo resistance level at 1.5522 as a next target;
  • the pice is ranging between 50.0% Fibo resistance level at 1.5522 and Fibo support level at 1.5089;
  • RSI indicator is estimating the ranging condition to be continuing.

If the price will break Fibo support level at 1.5089 so the bearish market condition will be continuing.
If the price will break  50.0% Fibo resistance level at 1.5522 from below to above so secondary bear market rally will be started.
If not so the price will be ranging within the levels.

Trend:

W1 - ranging bearish
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