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Target for decline 1.5342 is preserved

Target for decline 1.5342 is preserved | 19 May 2015

19 May 2015, GBP/USD

Daily chart: our yesterday's scenario is being fully justified and we can wait movement to the middle Bollinger band (1.5342)

Н4: break of the bottom Bollinger envelope is also a strong short signal. However, this scenario allows for a preliminary pulldown to the middle line. Though ADXis so strong that no correction may be required.

Н1: the same picture is here but it is overbought and ADX has not reached a required level yet. Technically, a return to the middle band is possible (1.5646),

Expectations: So, we are waiting when the point 1.5342 is hit. Theoretically, we can enter this movement if a pullback to 1.5646 is perfromed.

Trading decisions:

1) We keep sales open to 1.5342

2) We sell from 1.5646 to 1.5342

Aleksey Panasenko
FreshForex Analyst
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