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Wait touch of 1.53 and growth to 1.5472

27 May 2015, GBP/USD

Daily chart: Bears managed to get into the bottom envelope and now everything is ready for a further decline of price to 1.5065 (the bottom Bollinger band). We will try to assess their potential using younger charts.

Wait touch of 1.53 and growth to 1.5472

Н4: A serious support is based on 1.53 (the bottom Bollinger band). A slight convergence of oscillator is present, but it also puts a breakthrough into a question.

Wait touch of 1.53 and growth to 1.5472

Н1: we also see a bullish convergence here. So, when Lows are updated (or perhaps, without this update), we will wait when upward movement will start to 1.5472

Wait touch of 1.53 and growth to 1.5472

Expectations: decline to 1.53 and growth to 1.5472

Trading decisions:

1) We sell to 1.53

2) We buy from 1.53 to 1.5472.

Aleksey Panasenko
FreshForex Analyst
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