Those who trade on pullbacks have a chance
04 December 2015, GBP/USD
Daily chart: the middle Bollinger band (1.5147) was reached, from where, taking into account the downward attitude of the envelopes and insufficiently active ADX, we may expect another drop towards the bottom band (1.4976) before the main growth phase starts within the frames of the upward reversal to 1.5307
Н4: significant resistance area 1.5147-1.5170. Support - 1.5045 (middle Bollinger Band).
Н1: based on the upper Bollinger band, we can not exclude test of the mark 1.5184, but in general the downward correction to 1.5008 is being brewed.
Expectations: The main scenario - decline to 1.5045 and 1.5008. The alternative scenario - test of 1.5184, then correction down towards 1.5045.
Trading solutions: Those who trade on pullbacks have a chance to sell to 1.5045 and 1.5184.
Analyst of «FreshForex» company
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us