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Cloudy water

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.

Cloudy water

Н4: the corridor inside the bottom Bollinger envelope (1.2968-1.3090). ADX is active, so bears may run a breakthrough.

Cloudy water

Н1: local resistance is at 1.3023 (middle Bollinger band), support is at 1.2968

Cloudy water

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

Aleksey Panasenko
FreshForex Analyst
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