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Looking for buying options around 1.4015

14 April 2016, GBP/USD

Daily chart: the pair continues flat within the horizontal corridor formed by Bollinger envelopes (1.4015-1.4483). ADX parameters indicate a high probability of an upward rebound from 1.4015.

Н4: active trending bearish pressure from ADX, so support 1.4108 (the bottom Bollinger band) is under exposure. We are waiting for pierce of 1.4015.

Н1: bearish pressure is still present here. But at the same time there is a significant oversoldness. It also anticipates an upward rollback towards 1.4194 (middle Bollinger band).

Expectations: The main scenario - decline to 1.4015 and then intensive correction to 1.4194. The alternative scenario - an upward bounce from 1.4108 targeting 1.4194

Trading solutions: look for purchases in the area 1.4015 with the goal of 1.4194.

Aleksey Panasenko
FreshForex Analyst
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