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Only sales, but potential of movement is limited

Only sales, but potential of movement is limited | 22 October 2015

22 October 2015, GBP/USD

The daily chart: a breakthrough from accumulation was shaped, but ADX did not reach the trend value. Therefore, we're waiting for continuation of decline, but so far no farther than the middle Bollinger band (1.5293)

Н4: the price shows bearish momentum, but flat market conditions will restrain decline

Н1: similar situation. It is safe to wait for the new local Low, but pullbacks under the bottom envelope (up to 1.5436) also can happen

Expectations: < So, waiting for leave in the 53-figure with an eye on 1.5293. Under the same scenario, the price can pre-roll back into zone 1.5436.

solutions: Sell (from the area 1.5436) to 1.5293

Aleksey Panasenko
FreshForex Analyst
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