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The intraday resistance is around 1.4747

26 May 2016, GBP/USD

Daily chart: Bulls are proping up the upper Bollinger band, but ADX parameters are not strong enough, so the probability of a rollback to support from the middle Bollinger band (1.4587) remains here.

Н4: a local resistance 1.4747 (upper Bollinger band). ADX in the trend area, so the price can break above there, but then we expect the downward correction towards 1.4693 and 1.4587.

Н1: The intraday range is more calm - 1.4693-1.4740. We see that the oscillator has signs of divergence, which is another sign of the downward rollback.

Expectations: The main scenario - touch of 1.4740-1.4747i followed by a pullback to 1.4693 The alternative scenario - surge above 1.48 followed by a downward rollback.

Trading solutions: sale from 1.4747 to 1.4693.

Aleksey Panasenko
Analyst of «FreshForex» company
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