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Dense support around 1.5373 -1.5404

08 July 2015, GBP/USD

Daily chart : bears force the price with an active ADX parameter, but in front there is support from the bottom band (1.5373). It can bounce the pair up but such ADX can break the envelope and only after that a pullback to the middle band (1.5650) will take place.

Dense support around 1.5373-1.5404

Н4: We confirm pressure down to 1.575-1.5404. Local resistance 1.5541 (the middle Bollinger band ).

Dense support around 73-1.5404

Н1: oscillator obviously converges along the price movement which can anticipate weakening of bears.

Dense support around 1.5373-1.5404

Expectations: so, we expect an attack of the area 1.5373-1.5404 and an upward pullback in the direction of 1.5541.

Trading decision:

1) Once we receive long signal, we shall buy from the area 1.5373 to 1.5541.

Aleksey Panasenko
FreshForex Analyst
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