GBPUSD Technical Analysis 2016, 14.08 - 21.08: daily bearish with 1.28 target

GBPUSD Technical Analysis 2016, 14.08 - 21.08: daily bearish with 1.28 target

14 August 2016, 16:12
Sergey Golubev
8
107

Daily price is located below Ichimoku cloud for the bearish market condition: the price is breaking 1.2935 support level for the bearish trend to be continuing with 1.2795 nearest bearish daily target to re-enter.

If D1 price breaks 1.2935 support level on close bar so the primary bearish trend will be continuing with 1.2795 nearest target.
If D1 price breaks 1.3371 resistance level on close bar from below to above so the local uptrend as the bear market rally will be started with the good possibility to the bullish reversal.
If not so the price will be on bearish ranging within the levels.

  • Recommendation for long: watch close D1 price to break 1.3371 for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.2935 support level for possible sell trade
  • Trading Summary: bearish
Resistance
Support
1.33711.2935
N/A1.2795

SUMMARY : bearish

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