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GBPUSD Price Action Analysis - 23.6% Fibo resistance level crossing for the daily rally to be started within the bearish condition

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by , 01-27-2016 at 03:27 PM (1263 Views)
      
   
Daily price is located below 200 period SMA and 100 period SMA for the primary bearish market condition: the price is ranging within Fibo support level at 1.4079 and 50.0% Fibo resistance level at 1.4659. Daily price is breaking 23.6% Fibo resistance at 1.4349 from below to above, and RSI indicator is estimating the ranging bearish condition in the near future.

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If the price will break Fibo support level at 1.4079 so the bearish trend will be continuing.
If the price will break 50.0% Fibo resistance level at 1.4659 from below to above so the local uptrend as the bear market rally within the primary bearish condition will be started.
If not so the price will be ranging within the levels.

Trend:

  • W1 - ranging bearish

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