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We expect a multidirectional movement

We expect a multidirectional movement | 08 April 2016

08 April 2016, GBP/USD

Daily chart: the bears aim to break the bottom envelope, as evidenced by growing ADX. The indicator's parameters did not reach the trend value, therefore, another pullback to the middle zone area (1.4354) likely to take place before the main mid-term phase of drop.

Н4: Here we also have an expressed bearish pressure on the background of very active ADX. Resistance levels are at 1.4093 and 1.4163

Н1: a similar situation on the daily chart - sellers attack, but without active ADX. This leaves the possibility of correction to the middle band (1.4093)

Expectations: break down to 1.3990-1.4000, then a return to 1.4093 followed by the mid-term drop

Trading solutions: 1. When we receive a Buy signal around 1.3990-1.4000, we should Open up to 1.4090. 2. On a pullback to 1.4093, we should sell to 1.38, 1.39

Aleksey Panasenko
FreshForex Analyst
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