Correction to 1.3028

16 August 2016, GBP/USD

Daily chart: ADX is in a very active trendarea, so bears can at any time continue its pressure. We are trying not to be confused by inverse correlation to euro, but we will proceed from the fact that our eyes see, and they see - continuation of the bearish workout.

Н4: two resistance zone, from which sales can begin again - are 1.2937 and 1.3028 (middle and upper Bollinger bands). However, at this local frame we see that growth is running against growth of ADX oscillator. This could lead to a reversal. We'll see tomorrow. For all these reasons, the sale should be opened only after you get confirming signals of your trading systems.

Н1: we also see a local bullish pressure, so it is likely that zone 1.3028 will be finalized.

Expectations: rise to 1.3028

Solutions: carefully buy to 1.3028. If you do not trade against the trend, then skip a day to search for downward signals around 1.3028

Aleksey Panasenko
FreshForex Analyst
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