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Decline towards 1.5371 is going on

20 May 2015, GBP/USD

Daily chart: An intensive correction towards the middle Bollinger band (1.5371) is going on, from where bulls can probably push off.

Decline towards 1.5371 is going on

Н4: a local bearish pressure allows to expect that support 1.5371 will be reached.

Decline towards 1.5371 is going on

Н1: One of the options of intraday scenario is a flat within boundaries of enevelope.

Decline towards 1.5371 is going on

Expectations: so, main expectation: continuation of decline to 1.5371, but it is possible that the pair will spend the whole day in flat 1.5473-1.5533.

Trading decisions:

1) We keep sales open to 1.5371.

Aleksey Panasenko
FreshForex Analyst
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