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A downward reversal is closing

A downward reversal is closing | 19 August 2016

19 August 2016, GBP/USD

Daily chart: flat within Bollinger envelope (1.2872-1.3361) without any signs of aggression from ADX

Н4: resistance is around the upper Bollinger band (1.3220), from where the pair is likely to go down in the direction of the middle band (1.3043)

Н1: a well expressed bearish divergence of the oscillator indicates that a downward reversal is coming. Local resistance is at 1.3169 (the upper Bollinger band). Support points are 1.3126, 1.3105, 1.3043.

The main scenario - touch of 1.3169 and then decline towards 1.3043

The alternative scenario - surge to 1.3220 and then a downward reversal

Trading solutions: look for sales around 1.3169 and 1.3220

Aleksey Panasenko
FreshForex Analyst
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