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Flat as a northern preparation

Flat as a northern preparation | 11 May 2016

11 May 2016, GBP/USD

Daily chart: Day was closed by the inside bar, which gives an advantage to buyers who will be able to attack up to 1.4700 (Upper Bollinger Band). Weak and corrective ADX does not justify expectations of an impulse movement

Н4: a local range is limited from above resistance 1.4514 (upper Bollinger band). Support is at bottom band (1.4382)

Н1: a better shaped resistance 1.4465 (upper Bollinger band). Support is at 1.4426. Will that small trading range be enough for the pair? It is not entirely clear. But overall, this coincides with the findings of a daily chart.

Expectations: flat within the range of 1.4426-1.4465

Trading solutions: buy 1.4426 zone (either as part of the flat, or with the expectation of growth on the next day)

Aleksey Panasenko
FreshForex Analyst
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