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Flat with Northern outlook

28 March 2016, GBP/USD

Daily chart: the pair in the middle of the horizontal range within the Bollinger envelopes (1.3890-1.4501). Upon that, bulls have a significant advantage in the form of very active ADX, as well as a massive bullish convergence of the oscillator. So I would warn traders against short trades.

Н4: local support at 1.4062 (the bottom Bollinger band), ADX which is going through correction – we can consider upward signals in this area.

Н1: clearly flat range 1.4110-1.4144. The pair will either spend a day within the corridor or “pierce” support 1.4062.

Expectations:

The main scenario - flat 1.4110-1.14144

The alternative scenario - “pierce” of 1.4062 and then an upward bounce

Trading solutions: there is no place for trading within the flat , so you can place a Buy limit order around ​​1.4062. based on the alternative plan.

Aleksey Panasenko
FreshForex Analyst
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