GBPUSD 1.5227 – bearish – 4-week range breakdown points lower
GBPUSD broke below a 4-week triangle range (from October 13low/October 15 high) to suggest topping and trigger further weakness towards the key support cluster including 1.5199 (October 13, 2015 low), the 1.5169/1.5163 lows (June 1/September 4, 2015) and 1.5107 range low (September 30, 2015) and 1.5086 (61.8% of the 1.4565/1.5929 rise). If bears manage to push quickly below the 1.5107/1.5086 5-month support zone, that would complete a 5-month top and risk further downside towards the 1.4887 area (76.4% of the 1.4565/1.5929 rise).
The 200 day moving average currently at 1.5343 has reverted to resistance. Only back above the 1.5343/1.5402 zone would stabilize and prolong the range-bound action towards the 1.5496 resistance (November 2, 2015 high).
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
GBPUSD broke below a 4-week triangle range (from October 13low/October 15 high) to suggest topping and trigger further weakness towards the key support cluster including 1.5199 (October 13, 2015 low), the 1.5169/1.5163 lows (June 1/September 4, 2015) and 1.5107 range low (September 30, 2015) and 1.5086 (61.8% of the 1.4565/1.5929 rise). If bears manage to push quickly below the 1.5107/1.5086 5-month support zone, that would complete a 5-month top and risk further downside towards the 1.4887 area (76.4% of the 1.4565/1.5929 rise).
The 200 day moving average currently at 1.5343 has reverted to resistance. Only back above the 1.5343/1.5402 zone would stabilize and prolong the range-bound action towards the 1.5496 resistance (November 2, 2015 high).
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish