mql5

GBP/USD: bearish breakdown. The pair is on bearish market condition located below Ichimoku cloud in the primary bearish area of the chart. The price is ranging within the following key reversal support/resistance levels:

• 1.5239 resistance level located on the border between the primary bearish and the primary bullish trend on the chart, and
• 1.4864 support level located below Ichimoku cloud in the bearish area of the chart.

Descending triangle pattern was formed by the price to be crossed to below for the bearish trend to be continuing.

There are 3 simple scenarios for the price movement for the week:

• bearish breakdown in case the price breaks 1.4864 support on close daily bar with 1.5335 level as the nearest target,
• bullish reversal to be started in case the price breaks 1.5239 resistance from below to above,
• or the ranging within the levels.

Chinkou Span line is located below the price indicating the ranging bearish market condition by direction.

Resistance	Support
1.5239	1.4864
1.5335	N/A