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Daily range

09 September 2016, GBP/USD

Daily chart: a continued downward correction in the direction of the middle Bollinger band (1.3175), from where bulls are expected to attack resistance 1.3438. This is the the medium-term scenario, rather than the intraday one.

Н4: does it look like a head-and-shoulders pattern? Yes, it seems. If such a reversal pattern is successfully implemented, then the price will cross support 1.3265 and falls to 1.3175.

Н1: locally the pair is concentrated in the bottom Bollinger envelope (1.3278 - 3329). We notice the rising ADX, which can lead to more intensive distribution of volumes.

The main scenario - flat in the corridor 1.3278-1.3329

The alternative scenario - fall to 1.3175

Trading solutions: sales from 1.3329 to 1.3278 and possibly to 1.3175

Aleksey Panasenko
FreshForex Analyst
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