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Looking for downward entry points

18 July 2016, GBP/USD

Daily chart: the bottom Bollinger band has moved to 1.2246, where at the moment the relevant goal of sellers is based. However, the goal is medium-term: ADX is passive, so it is unlikely that bears will be able to finalize the above-mentioned level (more than 1000 points) in one week

Н4: a horizontal corridor within the Bollinger envelopes (1.3089-1.3446)

Н1: a better shaped corridor 1.3123-1.3314. ADX is very close to the attacking zone, so we do not consider purchases at all.

The main scenario - drop from current levels towards 1.3089

The alternative scenario - touch of zone 1.3264-1.3314 and decline towards 1.3089

Trading solutions: looking for downward entry points to 1.3089

Aleksey Panasenko
Analyst of «FreshForex» company
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