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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
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