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Will bulls drive the correction to 1.3112?

Will bulls drive the correction to 1.3112? | 17 August 2016

17 August 2016, GBP/USD

Daily chart: Northern correction to the middle Bollinger band (1.3112) is close to the end, from where sellers are expected to become active.

Will bulls drive the correction to 1.3112?

Н4: bullish pressure presents here, so we're waiting for finalization of 1.1312.

Will bulls drive the correction to 1.3112?

Н1: at this local frame, the pair is much overbought, which enables to get the pric corrected to the middle Bollinger band (1.2951).

Will bulls drive the correction to 1.3112?

The main scenario - decline to 1.2951 and then a new workout to north to 1.31

The alternative scenario - a direct surge to 1.3112 and then decline

Trading solutions: 1. Buy around 1.2951 (under the basic scenario) 2 . Sell from 1.3112 (under the alternative scenario)

Aleksey Panasenko
FreshForex Analyst
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