GBPUSD August-September 2016 Forecast: weekly bearish with 1.2794 support level

Weekly price is located far below 100 SMA/200 SMA reversal area on primary bearish market condition with 1.2794 support level to be tested for the bearish trend to be continuing:

• The price is located to be far below 100 period SMA (100 SMA) and 200 period SMA (200 SMA) for the primary bearish condition.
• 100 SMA is below 200 SMA for the bearish trend to be continuing.
• The nearest support level for the pair is 1.2794.
• The nearest resistance levels for the pair are 1.3480 and 1.5444.

If the price breaks 1.2794 support level on weekly close bar so the primary bearish trend will be continuing.
If the price breaks 1.3480 resistance level to above on weekly bar so the local uptrend as the bear market rally will be started.
If the price breaks 1.5444 resistance level so the reversal of the weekly price movement to the primary bullish market condition will be started.
If not so the price will be on bearish ranging within the levels.

• Recommendation for long: watch close the price to break 1.3480 for possible buy trade
• Recommendation to go short: watch the price to break 1.2794 support level for possible sell trade
  
• Trading Summary: bearish

SUMMARY : bearish