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A new phase of bulls is probably starting

03 June 2015, GBP/USD

Daily chart: Bears have not worked through support from the bottom Bollinger band (1.5050). However, bulls have showed a strong momentum by lifting up the last High. Therefore, a main expectation now is growth to 1.5806.

A new phase of bulls is probably starting

Н4: ADX is active, so, a possible turbulence in the area 1.5471 (the middle Bollinger band) can open a way even to 1.5806. Of course, this is not a one-day plan.

A new phase of bulls is probably starting

Н1: The pair shows that it is overbought. It gives a chance to enter purchases on a possible rolldown (1.5325, 1.5280)

A new phase of bulls is probably starting

Expectations: so, we are waiting for growth to 1.5471. Possible pullbacks may take place to 1.5325 and 1.5280 - at these point there is a sense to buy pound.

Trading decisions:

1) We keep sales open to 1.5471 and 1.5806 (in the middle run)

2) We shall buy new purchases in case of a new rolldown to 1.5325 and 1.5280, where you need to look for confirming signals.

Aleksey Panasenko
Analyst of «FreshForex» company
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