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Trades around 1.30 are possible

08 July 2016, GBP/USD

Daily chart: the bottom Bollinger band has confidently switched to 1.2507, where the magnet for the price can be located. The only thing that can break the bearish outlook are the NPF against US dollar.

Н4: a flat corridor inside Bollinger envelopes - 1.2775-1.3245. It is hard to say of this range (370 points) is enough for news volatility, but it may be enough.

Н1: a better shaped corridor: 1.2860-1.3017. Apparently, this spot will decide the fate of distribution.

Expectations: trading inside the range 1.2860-1.3017 and then an impulse. If the price breaks above 1.3017, we'll be waiting for further growth to 1.3242. On a downward rebound, it is expected to get to 1.2860 and below

Solutions: either ignore the news background or look for the entry points around 1.3017.

Aleksey Panasenko
Analyst of «FreshForex» company
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