Looking for the buying options to 1.4725

30 May 2016, GBP/USD

Daily chart: a continued technical downward correction in the direction of the middle Bollinger band (1.4528), from where bulls are likely to attack 1.4725 (upper band) again. Although the upper envelope was not broken, so everything can end by decline under 1.4332 (the lower Bollinger band). Such a scenario can be considered only after the breakthroug under the middle band (1.4526)

Н4: a very active ADX can be interpreted in favor of bulls, so there is a possibility of growth from current levels towards 1.4725.

Н1: consolidation within the tapered Bollinger envelopes (1.4587-1.4656) may take some time, because ADX has not entered the trend area yet.

Expectations: The main scenario - trading within 1.4587-1.4556 and then surge to 1.4725

The alternative scenario - a direct growth to 1.4725

Trading solutions: Look for the buying options to 1.4725. The best possible area - 1.4587

Aleksey Panasenko
FreshForex Analyst
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