GBP/USD Intra-Day Technical Analysis - bearish reversal breakdown with 1.3057 level as a target

GBP/USD Intra-Day Technical Analysis - bearish reversal breakdown with 1.3057 level as a target

4 August 2016, 15:36
Sergey Golubev
1
70

H4 price broke Ichimoku cloud together with symmetric triangle pattern to below for the breakdown with the bearish reversal: the price is testing  1.3111 support level to below for the bearish breakdown to be continuing with 1.3057 bearish target.

Absolute Strength indicator is evaluating the intra-day bearish trend to be started, and Chinkou Span line of Ichimoku indicator is estimating the breakdown to be continuing.

If H4 price breaks 1.3111 support level on close bar so the primary bearish trend will be continuing with 1.3057 possible target.
If H4 price breaks 1.3280 resistance level on close bar from below to above so the bullish trend will be resumed.
If not so the price will be on ranging within the levels.

  • Recommendation for long: watch close D1 price to break 1.3280 for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.3111 support level for possible sell trade
  • Trading Summary: bearish
Resistance
Support
1.32801.3111
1.33711.3057

SUMMARY : breakdown

TREND : bearish
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