manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Log in

Buy after the downward correction

07 September 2016, GBP/USD

Daily chart: So, breakthrough of the upper Bollinger envelope was expected due to the active status of ADX. Now outlook for buyers look rather good. It is unknown if a rollback to the middle band will take place. I would refrain from any sales.

Н4: local support 1.3325, from where bulls can take a new attempt of growth. Upon that, yesterday a bullish inside bar was received.

Н1: a better shaped support 1.3367 (middle Bollinger band). ADX/RSI also says about start of a downward correction. Resistance is at 1.3365 (upper band)

Expectations: So, we are waiting for a decline to support zone of 1.3367, from where bulls are expected to begin their attack towards 1.3465

Solutions: look for entry Buy signals around 1.3367 with the goal 1.3465.

Aleksey Panasenko
FreshForex Analyst
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .