Range of the day: 1.3300 - 1.3367
08 September 2016, GBP/USD
Daily chart: Day was closed by the bearish inside bar, but hard to say whether it will give a full sell signal. ADX is very active, which means that the main trend continues to the Southern. Moreover, in such a scenario, correction to the middle Bollinger band (1.3151) seems to be quite appropriate. We will try to evaluate at smaller charts, how safe an attempt to take these 200 points down can be.
Н4: Bottom Bollinger band (1.3261) serves as a strong enough support. In this case bear attacks are not observed.
Н1: local intermediate support 1.3300 (the bottom Bollinger band), resistance - 1.3367 (middle band). ADX is weak, therefore, probably the price will spend the day within the bottom envelope (1.3300-1.3367)
The main scenario - flat 1.3300-1.3367
The alternative scenario - fall to 1.3261
Trading solutions: sales from 1.3367 to 1.3300 and possibly to 1.3261.
Aleksey PanasenkoAnalyst of «FreshForex» company
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