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Lull before the storm

04 August 2016, GBP/USD

Daily chart: ADX is growing, but has not reached the trendline area yet. So flat within the Bollinger envelopes (1.2918-1.3415) is the main option.

Lull before the storm

Н4: a technical downward correction in the direction of support 1.3274 and 1.3167 (middle and bottom Bollinger bands, respectively)

Lull before the storm

Н1: a local horizontal corridor 1.3301-1.3350. It is hard to say whether it will remain, because ADX shows signs of growth, but it is far away from the trend zone.

Lull before the storm

The main scenario - flat 1.3301-1.3350

The alternative scenario - decline to 1.3274 and possibly to 1.3167 (in case of increase of volatility)

Trading solutions: sales from 1.3350 to 1.3274 and 1.3167 (extraday)

Aleksey Panasenko
FreshForex Analyst
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