We consider purchases around 1.4507

28 April 2016, GBP/USD

Daily chart: active trend ADX and expanded Bollinger envelopes say about preparation of impulse upward movement. The "round level" 1.46 is close so we can assumed growth at least to the next psychological level (1.47)

Н4: the local support is at the middle Bollinger band (1.4507), resistance is at the upper one (1.4652).

Н1: looks ambigious. On the one hand - daily upward pressure. On the other hand - the local downward correction and expansion envelopes in favor of bears. So, we consider the bullish support 1.4507 as the control level to forecast future events.

Expectations: on an upward rebound from 1.4507, we will expect growth to 1.4570, 1.4613 and 1.4652. On a break below 1.4507, we will expect drop to 1.44 and possibly to 1.4361

Trading solutions: we are looking for purchases around 1.4507

Aleksey Panasenko
FreshForex Analyst
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