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Catching Sell signals

12 September 2016, GBP/USD

Daily chart: a continued downward correction in the direction of the middle Bollinger band (1.3159). There is no reason, why bears will not finalize this goal. That will enable re-start of buyers' activity.

Н4: at this local frame, the pair has consolidated at the bottom Bollinger envelope (the range 1.3249 - 1.3342) having manifestated insude bullish bar by Friday's Close, which enables untraday trades to the middle band (1.3342)

Н1: even a better shaped bullish corridor (1.3249 -1.3291). Purchases will be very ill-advised here, therefore it is better and safer to wait for the signal down to resistance 1.3291 (the middle Bollinger band)

The main scenario - growth to 1.3291 and then to fall to 1.3249 or below (to 1.3159)

The alternative scenario: a direct drop to 1.3159

Trading solutions: sales from 1.3291 to 1.3249 and 1.3159)

Aleksey Panasenko
FreshForex Analyst
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