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An upward pullback within the day's flat

An upward pullback within the day's flat | 22 August 2016

22 August 2016, GBP/USD

Daily chart: The pair is still within the horizontal break-even range 1.2872-1.3345. ADX is adjusted and weak, so this trend seems to continue.

Н4: a better shaped corridor 1.2975 - 1.3178, but here we have aggression from ADX, which can relate to actions of both sellers and buyers with the equal probability.

Н1: contradiction between ADX and oscillator means an upward movement - correction. Therefore, we shuold monitor Sell signals around 1.3067 and 1.3120 (middle and upper Bollinger bands).

Expectations:

1. A rollback to 1.3067 and then decline towards 1.3018 < / p>

2. A more noticeable pullback (to 1.3120) and then decline to 1.3018

Solutions: The tactics for today is waiting

Aleksey Panasenko
FreshForex Analyst
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