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Traders need a patience

28 June 2016, GBP/USD

Daily chart: weak ADX plus a number of bars outside of Bollinger envelopes after Brexit. These are all the signs of an upward correction (up to 1.4321 - middle Bollinger band).

Н4: the bottom Bollinger band (1.2592) seems to be unfinished, so you can try new sales from resistance 1.3897 (middle Bollinger band plus the round level)

Н1: a local clamping within 1.3137-1.3323. ADX is not agressive, but, nevertheless, it in the trend area. Oscillator has signs of convergence, so an upward rollback is quite possible.

The main scenario - flat 1.3137-1.3323

The alternative scenario - surge to 1.3897 followed by another downward movement

Trading solutions: buying is dangerous; selling is too late. We need to wait for the upward correction to be able to sell again. The best possible area for the entry points is 1.3897.

Aleksey Panasenko
FreshForex Analyst
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