GBPUSD Technical Analysis 2015, November: after NFP - weekly bearish reversal, monthly breakdown
The price is on bearish reversal: the price broke Ichimoku cloud and 'reversal' Senkou Span line from above to below to be reversed from the primary bullish to the primary bearish area of the chart.
W1 price is on breakdown with the bearish reversal:
- The
price is breaking 1.5106 support level from above to below for the breakdown to be continuing.
- Tenkan-sen
line is below Kijun-sen line of Ichimoku indicator which is indicating
the primary bearish condition to be continuing.
- Chinkou Span line crossed the price from above to below for the breakdown.
- Nearest support levels are S2 Pivot level at 1.4702 and key support level at 1.4565.
- Nearest resistance levels are 1.5658 and 1.5929.
If W1 price will break 1.4702
support level so the primary bearish will be continuing.
If W1 price will break 1.5658 resistance level so the reversal to the primary bullish
condition will be started with the secondary ranging (the price will be inside Ichimoku cloud/kumo in this case).
If W1 price will break 1.5929 resistance level so the price will be fully reversed to the bullish market condition with good breakout possibility.
If not so the price will be ranging within the levels.
- Recommendation for long: watch close W1 price to break 1.5658 for possible buy trade
- Recommendation
to go short: watch W1 price to break 1.4702 support level for possible sell trade
- Trading Summary: bearish breakdown
| Resistance | Support |
|---|---|
| 1.5658 | 1.4702 |
| 1.5929 | 1.4565 |
SUMMARY : bearish
TREND : breakdown of support levels
