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Equiprobable scenarios

21 July 2016, GBP/USD

Daily chart: the pair is close to the middle Bollinger band (1.3337). From here, there are only two ways - either to the lower band (1.2380, the blue arrow.) or to the top one (1.4323, the red arrow.)

Equiprobable scenarios

Н4: we can assume exactly the same scenarios. Bollinger Envelopes' range is 1.3058-1.3337. Northern scenario would be activated by exit of the price beyond the upper envelope.

Equiprobable scenarios

Н1: the upper limit of the envelope is at 1.3236 (upper Bollinger band). The next level of resistance is 1.3337. Support is at the middle band (1.3148)

Equiprobable scenarios

The main scenario - a downward bounce from 1.3236 towards 1.3147

The alternative scenario - a breakthrough of 1.3238 and then rise to 1.3337

Aleksey Panasenko
FreshForex Analyst
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