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Pound. Premarket view on Monday

23 May 2016, GBP/USD

The daily chart: against the backdrop of a weak ADX and rebound from the upper Bollinger band (1.4674)there is no reason that correction towards 1.4316 (lower band) will stop.

Н4: a better shaped strong support zone of 1.4403 (the bottom Bollinger band plus the round psychological level with the potential demand in the British currency). Thus, we expect a rebound

Н1: a very active trend ADX can be interpreted both in favor of bulls and bears. Buyers can act from the middle Bollinger band (1.4554) to 1.4403.

Expectations: we expect a drop to 1.4403 (possibly after pre-touch of 1.4554 zone)

Trading solutions: sell to 1.4403 (the best option - from 1.4554)

Aleksey Panasenko
FreshForex Analyst
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