Key resistance is 1.5258

13 November 2015, GBP/USD

The daily chart: possible target of correction - the middle Bollinger band (1.5318). In general, we continue to expect a medium-term decline of the pound to the bottom band (1.5067)

Н4: local resistance at the upper Bollinger band (1.5258) may be strong, because bulls come to this area with weak ADX. If the attack is still successful - we will be waiting for finalization of 1.5318.

Н1: the same picture, except that ADX is active and we can relate its parameters to the two fronts with equal probability. Therefore, resistance zone 1.5248-1.5258 is the key and diagnostically important.

Expectations: The main scenario - a rebound from zone 1.5248-1.5258 down towards 1.5160 and 1.5067. The alternative scenario - rise to 1.5318 (in case of a break above 1.5258)

solutions: 1) Sales from the range 1.5258 to 1.5067 with short stops. 2) Buy on the breakdown of 1.5258 to 1.5318. 3) Sales from 1.5318 to 1.5067in the medium-term

Aleksey Panasenko
FreshForex Analyst
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