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We expect the price to reach support 1.3807 and correction upward

25 February 2016, GBP/USD

Daily chart: bears pressure is remained but we should pay attention to bulls convergence oscillator. The third bar is outside Bollinger Envelopes that is a strong condition for north correction.

We expect the price to reach support 1.3807 and correction upward

Н4: both observed indicators are in extreme zone, support is from bottom Bollinger line 1.3807, price can bounce upward to 1.3927 or 1.4073.

We expect the price to reach support 1.3807 and correction upward

Н1: south grip into range of Bollinger Envelopes remains but we are expecting bounce from support of H4 chart.

We expect the price to reach support 1.3807 and correction upward

Expectation: decrease to 1.3807 and then rise to 1.3927

Trading decisions:

1. sell to 1.3810

2. buy from 1.3807 to 1.3927

Aleksey Panasenko
FreshForex Analyst
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