Downward bounce is possible, but bulls are very strong

30 October 2015, GBP/USD

The daily chart: Bulls are building the upward reversal for themselves: first, the Low at convergence, then a bullish rebound without working out of the bottom Bollinger band. Well, we have to see whether today buyers will realize the obtained potential. Closure of many bars today tell us about the near future, which we will analyze in our regular analysis of Friday's close at the weekend.

Н4: faced the strong resistance 1.5358 (Upper Bollinger Band). From here a roll back down is very possible, but strong ADX parameters confuse, which was used by bulls to approach the level. a further breakthrough is very likely.

Н1: the same picture. On rebound from 1.5358 the price may pull back to support 1.5264. Breakthrough will provide bulls with the potential for growth in the 55th figure.

Expectations: The main scenario - break above 1.5358 and rising to 1.55. The alternative scenario - a rebound from 1.5358 and fall to 1.5264

solutions: 1) Buy in anticipation of a breakthrough 1.5358 to 1.55. 2) Sales from the current levels with short stops to 1.5264

Aleksey Panasenko
FreshForex Analyst
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