![GBPUSD Next Month Outlook - ranging breakout with possible reversal to the bullish GBPUSD Next Month Outlook - ranging breakout with possible reversal to the bullish](https://c.mql5.com/6/669/splash-642696-1435314598.png)
GBPUSD Next Month Outlook - ranging breakout with possible reversal to the bullish
![Sergey Golubev Sergey Golubev](https://c.mql5.com/avatar/2012/12/50D09349-3D90.jpg)
W1 price was on breakout as a market rally within the primary bearish market condition since the beginning of June this year but the price was stopped by 1.5929 resistance level and by Senkou Span A line. The price is started with secondary ranging market condition between 1.5929 resistance and 1.5089 support levels.
- if weekly price breaks 1.5929 resistance together with Senkou Span A line so we may see the reversal of the price movement from the primary bearish to the bullish condition with secondary ranging: price will be inside Ichimoku cloud);
- if weekly price breaks 1.5089 support level so the primary bearish will be continuing without ranging;
- if not so the price will be moved inside the channel of 1.5929 resistance level and 1.5089 support level;
- Nearest key support levels are 1.5089 (W1) and 1.4565 (MN1);
- Nearest key resistance levels are 1.5929 (W1) and 1.6252 (MN1).
Resistance | Support |
---|---|
1.5929 (W1) | 1.5089 (W1) |
1.6252 (MN1) | 1.4565 (MN1) |
Trend:
- W1 - ranging bearish
- MN1 - breakout to reversal to the bullish