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Flat continues

Flat continues | 31 August 2016

31 August 2016, GBP/USD

Daily chart: the pair does not change its basic tendency (flat inside Bollinger envelopes 1.2872 - 1.3322). Given the relatively low volatility and weak ADX, we can assume that the price will continue to rotate around the axis 1.3084 (middle Bollinger band). Apparently, it will continue the flat prior to Non-Farm release on Friday

Н4: here the price is concentrated in the bottom Bollinger envelope (1.3030 - 1.3130). ADX is growing, but is still far from the trendline area

Н1: a flat narrow zone inside Bollinger envelopes (1.3063 - 1.3104). Here ADX is correcting downwards. This means that the price yet lacks potential to break these borders.

Expectations: flat range 1.3063 - 1.3104 and this trend is likely to continue prior to Friday's NFP release

Solutions: 40 points is not too good range for trading. I recommend taking a break

Aleksey Panasenko
FreshForex Analyst
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