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Looking for Sell options around 1.4644-1.4674

20 May 2016, GBP/USD

Daily chart: Bulls have closely come to the important resistance 1.4674 (upper Bollinger band), and we see an interest from ADX, which also may be a sign of moving to new Highs. But this trend is not in active zone, which gives sellers some chances (see the blue arrow).

Н4: here we see that resistance 1.4674 is relatively safe because an attack takes place with weak ADX parameters. Support is at 1.4504 (the middle band).

Н1: a local horizontal flat corridor within the Bollinger envelopes (1.4554-1.4644)

Expectations: The main scenario - touch of 1.4644 and decline towards 1.4554

The aternative scenario - higher surge to 1.4674 and then decline towards 1.4554

Trading solutions: look for Sell options around 1.4644-1.4674

Aleksey Panasenko
FreshForex Analyst
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