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We should sell from 1.57

01 July 2015, GBP/USD

Daily chart: a critical support is based at 1.5609 (the middle Bollinger band). If bears cannot break it, the Pound will get down to the bottom band (1.5204). But until this level is not broken, there is probability of a new upward wave to 1.5960 (the upper Bollinger band)

We should sell from 1.57

Н4: so, we have a strong downward potential - a breakthrough of the bottom envelope. Once the price touches the middle line Bollinger band (1.5699) we are waiting for decline to 1.5500.

 We should sell from 1.57

Н1: also moves to South but ADX has not gathered trend's momentum yet. Therefore, the price may return to the middle line.

We should sell from 1.57

Expectations: pullback to 1.57 and decline to 1.55.

Trading decisions:

1) We should sell from 1.57 к 1.55

Aleksey Panasenko
Analyst of «FreshForex» company
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