21 April 2016, GBP/USD
Daily chart: the upper Bollinger band (1.4413) proved to be a strong resistance. Against the background of a weak ADX we can expect drop of the price in the direction of 1.4037 (the bottom Bollinger band).
Н4: the local support is at the middle Bollinger band (1.4287). If this level is broken, bears will initiate a deeper decline to 1.4113 (the bottom Bollinger band, the scenario is marked by the red arrow).
Н1: the broken bottom envelope, which is a strong signal of the Southern movement. Under this scenario, we may expect a rollback to the middle band (1.4374), where tne best possible entry point to sales will be located.
Expectations: The main scenario - decline to 1.4287, 1.4231 and possibly to 1.4113
The alternative scenario - a rollback to 1.4374 and then fall to the goals provided by the main scenario
Trading solutions: sales to 1.4287, 1.4231, 1.4113. Ideally, we will enter around 1.4374
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