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Northern signal, but we expect a local downward correction

Northern signal, but we expect a local downward correction | 27 April 2016

27 April 2016, GBP/USD

Daily chart: So, yesterday our northern mid-term scenario had justified itself resulting in the breakdown of the upper Bollinger envelope, which is a very strong signal for opening Long positions. At the same time, a technical pullback to ​​the middle band (1.4301) is possible. There we will have the best possible medium-term entry points to the upcoming northern wave to 1.50.

Н4: on the local levels the pair continues to grow inside the upper envelope (1.4466-1.4650), but there are signs of both divergence of the oscillator and overboughtness. At the same time, ADX shows correction

Н1: The price also keeps the northern potential limited by 1.4650.

Expectations: The main scenario - surge to 1.4650 and then an intensive correction down towards 1.4543, 1.4466 and 1.4301 (in the medium run)

The alternative scenario - the earlier downward correction (from 1.4614) < / p>

Trading solutions: 1. We sell from 1.4650

2. Put a medium Buy Limit orders around ​​1.4301

Aleksey Panasenko
FreshForex Analyst
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