Preparing to drop

26 January 2016, GBP/USD

Daily chart: aspiration to the bottom band (1.4003)

Preparing to drop

Н4: a few intermediate support lines on the ways to drop - 1.4233 (middle Bollinger Band) and 1.4135 (the bottom band). Given the horizontally placed envelopes and weak ADX, do not expect the pair to get below these levels.

Preparing to drop

Н1: also a passive ADX, we are waiting for trading inside the bottom envelope (1.4221-1.4265) before the main phase of decline.

Preparing to drop

Expectations: we waiting for the "drill operations" from bears at the support 1.4221, with possible moves to ​​1.4265 as preparation for drop to to 1.4135

Trade Solutions: sales to 1.4135 from 1.4265

Aleksey Panasenko
FreshForex Analyst
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