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Support is at 1.5534, the goal of bulls is 1.5770

18 September 2015, GBP/USD

The daily chart: The pound is steadily moving to the upper Bollinger band (1.5770), but for some reason, ADX does not respond to this impulse, which creates prerequisites for correction.

Support is at 1.5534, the goal of bulls is 1.5770

Н4: expansion of the envelope with active ADX - a good reason for growth to 1.5770. Possible entry point - the middle Bollinger band (1.5460)

Support is at 1.5534, the goal of bulls is 1.5770

Н1: divergence of the oscillator can also precede to a correction. Support is at 1.5534 (middle Bollinger Band). If bulls can start from this area, they will finalize 1.5770. If 1.5534 support is broken - we will see deepening of 1.5460.

Support is at 1.5534, the goal of bulls is 1.5770

Expectations:

1) Pullback to 1.5534and then new growth to 1.5770.

2) If the price gets under 1.5534 - we wait it to 1.5460 and buy from there.

solutions: we consider purchase based on one of the scenarios described above.

Aleksey Panasenko
FreshForex Analyst
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