Looking for downward entry points

21 June 2016, GBP/USD

Daily chart: yesterday bulls struck the middle Bollinger band (1.4474), but the pair is growing on corrective to ADX, therefore, we not expect pound to get higher than the upper band (1.4800)

Н4: intermediate resistance is 1.4716 (upper Bollinger band). The pair is heavily overbought, but pressure from ADX is high. Support is at 1.4336 (middle Bollinger band).

Н1:first signs of a bearish divergence and a downward reversal. Support is at 1.4623 and 1.4511.

The main scenario - decline from 1.4716 to 1.4623 and 1.4511. The alternative scenario - surge to 1.4800 followed by a downward reversal.

Trading solutions: looking for downward entry points 1.4716 and 1.4800.

Aleksey Panasenko
FreshForex Analyst
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