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A drop to 28th figure is expected

12 August 2016, GBP/USD

Daily chart: ADX is close to trend area and growing. This means that no purchases are considered.

Н4: an active trend ADX, we are waiting for activation of sellers and drop to 28th figure.

Н1: at this local level, correction to the middle Bollinger band (1.2981) still may take place. There the best possible entry points along the downtrend are concentrated.

The main scenario - touch of 1.2900, then a pullback towards 1.2981 and only after that the main phase of the descending movement to the 28th figure

The alternative scenario - a direct drop to the 28th figure

Trading solutions: sales to 1.28 (the best possible point - from 1.2981)

Aleksey Panasenko
FreshForex Analyst
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