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Waiting for finalization of 1.4679 after the correction

19 May 2016, GBP/USD

Daily chart: the pair closely come to resistance 1.4679 (the upper Bollinger band). ADX parameters have not reached the trend area yet, but the very growth of the indicator is in favor of the bullish front. Therefore, we cannot confirm density of 1.4679 resistance. Breakthrough of this resistance will lead to a more extensive northern distribution.

Waiting for finalization of 1.4679 after the correction

Н4: a few bars outside of the envelope and weak local ADX - this is a sign of correction. We expect the price around 1.4449 (middle Bollinger band), from where, apparently, it will finalize 1.4679.

Waiting for finalization of 1.4679 after the correction

Н1: a better shaped support level 1.4519 (middle Bollinger band).

Waiting for finalization of 1.4679 after the correction

Expectations: The main scenario - downward correction to 1.4519 and then surge to 1.4679

The alternative scenario - a direct finalization of 1.4679 and only after that correction will take place .

Trading solutions: 1 Buy from 1.4519 to 1.4679

2 Sales from 1.4679 (after we receive a downward signal on H1)

Aleksey Panasenko
Analyst of «FreshForex» company
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