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Premarket on the Pound. What we can expect on Monday

02 November 2015, GBP/USD

The daily chart: active working out in the direction of the upper Bollinger band (1.5533), but ADX parameters are passive, so further breakthrough is excluded. We are waiting for a rebound back to the middle band (1.5319).

Н4: breakout of the upper envelope - a strong signal of continued growth, so we are waiting for completion 1.5494 after touch of the middle band (1.5319), where it will be possible to open Buy trades.

Н1: more localized support on the middle Bollinger band (1.5363) resistance - on the upper Bollinger band(1.5458)).

Expectations: The main scenario - growth to 1.5484, then correction to 1.5362 and a new work out up. The alternative scenario - decline after Opening of markets to 1.5362, then rebound towards 1.5484

Solutions: 1) Sales from 1.5484 to 1.5362. 2) Buy from 1.5362 to 1.5484

Aleksey Panasenko
FreshForex Analyst
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