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Growth is expected to replace correction

08 October 2015, GBP/USD

The daily chart: the price has reached an important milestone - the middle Bollinger band (1.5322), which divides the envelopes on the top and bottom, which defines prospects for further movement of the pair. In case of a continued growth, the upper band (1.5590, extraday) is the target, in the opposite situation - a decline in the direction of the lower band (1.5028) will be initiated.

Growth is expected to replace correction

Н4: strong trend ADX makes bullish scenario (black arrow) more promising. At the same time, there is some overbought, therefore a pullback to the middle Bollinger (1.5218, blue Arrow) band is possible.

Growth is expected to replace correction

Н1: localized support at 1.5288 (middle Bollinger band), resistance - 1.5352 (the upper Bollinger band).

Growth is expected to replace correction

Expectations: we are waiting for growth to 1.5352 (with an eye to 1.5590 in the medium-term)

solutions: We buy from 1.5288 to 1.5352 and 1.5590

Aleksey Panasenko
Analyst of «FreshForex» company
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