GBPUSD Technical Analysis 2016, 21.08 - 28.08: bearish ranging within narrow s/r levels

GBPUSD Technical Analysis 2016, 21.08 - 28.08: bearish ranging within narrow s/r levels

20 August 2016, 15:28
Sergey Golubev
6
88

Daily price is located below 100 SMA/200 SMA reversal area for the primary bearish market condition within the following narrow support/resistance levels:

  • Fibo resistance level at 1.3375 located in the beginning of the secondary bear market rally to be started, and
  • Fibo support level at 1.2876 located in the primary bearish area of the chart.
If D1 price breaks Fibo resistance level at 1.3375 to above on close bar so the local uptrend as the bear market rally will be started.
If D1 price breaks Fibo support level at 1.2876 from above to below so the the primary bearish trend will be resumed with 1.2795 level as a nearest daily bearish target to re-enter.
If not so the price will be bearish ranging within the levels.

  • Recommendation for long: watch close D1 price to break 1.3375 for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.2876 support level for possible sell trade
  • Trading Summary: ranging
Resistance
Support
1.33751.2876
1.41911.2795

SUMMARY : bearish

TREND : ranging
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