Looking for buying options around 1.4417

12 May 2016, GBP/USD

Daily chart: So far, ADX is passive. Therefore, despite obvious attempts to penetrate the inside bar, the price movement is unlikely to be have an impulse character and be directed. Nevertheless, on each drop to the middle Bollinger band (1.4446) we can look for entry points up.

Н4: As we see, envelopes are still in a horizontal position, enabling more significant drops (down to 1.4392, the bottom Bollinger band).

Н1: Bollinger envelopes are also in a horizontal range, but the support is better shaped (1.4417, the bottom Bollinger band).Resistance is at 1.4474 zone (upper band).

Expectations: now, we are waiting for drop to 1.4417 and then surge to 1.4474

Trading solutions: purchase from 1.4417 to 1.4474 (1.47 in the medium run).

Aleksey Panasenko
FreshForex Analyst
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