11 August 2016, GBP/USD
Daily chart: As long as the price consolidates around bottom Bollinger band (1.2957), it is a "still water". ADX has not reached the trend value yet, but it is growing. Descending structure is still relevant, but there is no entry point, so let's see what is happening on the smaller timeframes.
Н4: the corridor inside the bottom Bollinger envelope (1.2968-1.3090). ADX is active, so bears may run a breakthrough.
Н1: local resistance is at 1.3023 (middle Bollinger band), support is at 1.2968
The main scenario - touch of 1.3023 and then decline towards 1.2968
The alternative scenario - a breakthrough of 1.2968 and decline to 1.2900
Solutions: sales from 1.3023 to 1.2968 and possibly to 1.29