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Premarket on the Pound. What we can expect on Monday

23 November 2015, GBP/USD

Daily chart: the pair is consolidating in the triangle, while maintaining a notably south orientation. The nearest goal - support of the bottom Bollinger band (1.5060)

Н4: locally we see weak ADX and horizontal envelopes, so there is a possibility that the price would delay on the local support of the bottom Bollinger band (1.5168). Resistance 1.5313 (the upper band)

Н1: the same picture with exception of active ADX. But we can interpret this pressure in two ways.

Expectations: The main scenario - touch of 1.5168 and bounce up towards 1.5313. The alternative scenario - movement under 1.5168 and decline to 1.5060

solutions: 1) Buy from the zone of 1.5168 and the target 1.5313. 2) Sales to 1.5060 (in the case of withdrawal of the price under 1.5168). But it is better to enter on the new local signal, doing this based on a breakthrough is unsafe.

Aleksey Panasenko
FreshForex Analyst
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