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Short-range 1.5159-1.5220 as a preparation for a new phase of decline

Short-range 1.5159-1.5220 as a preparation for a new phase of decline | 29 September 2015

29 September 2015, GBP/USD

The daily chart: bearish inside bar on the background of active trend ADX - is a sound application for a further medium-term decline of the pound. Break under the support 1.5095 (Lower Bollinger Band) initiates this movement and may take a while.

range 1.5159-1.5220 as a preparation for a new phase of decline

Н4: Here, in its turn, is very weak ADX, so, apparently, there will be a pullback up to support 1.5159 (Lower Bollinger Band) in the direction of the middle band (1.5220)

range 1.5159-1.5220 as a preparation for a new phase of decline

Н1: a strange combination of a completely passive envelopes and active ADX. Perhaps, we will see a breakdown of the bottom envelope, and return to the middle band (1.5193), and then begin of a new attack of the support 1.5159.

range 1.5159-1.5220 as a preparation for a new phase of decline

Expectations: Trading within the range 1.5159-1.5220 and then decline under 1.5159

solutions: sell on a pullback in the zone 1.5220 to 1.5159 and 1.51

Aleksey Panasenko
FreshForex Analyst
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