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Bearish pressure remains

07 July 2016, GBP/USD

Daily chart: ADX is not in the trend zone, but is growing rapidly. This allows bears rely on finalization of the lower Bollinger band (1.2742). We'll see at the younger charts, how high can a pre-correction be.

Н4: the pair is heavily oversold here, but ADX is very active as well, so we expect continuation of downward.

Н1: local ADX is weak and a flat omni-directional corridor within Bollinger envelopes (1.2871-1.2986)

The main scenario - consolidation around 1.2871-1.2986

The alternative script scenario - decline to 1.2742

Solutions: looking for Sell options to 1.2871 and possibly to 1.2742

Aleksey Panasenko
FreshForex Analyst
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