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Two resistances lines for bears

14 September 2016, GBP/USD

Daily chart: the pair is "trampling down" possible support at the middle Bollinger band (1.3207), but inside this range the bottom band (1.3000) can always be hit.

Н4: at this local frame, the pair is within the bottom envelope (1.3168-1.3268). 100 points - it can be interesting, especially because bulls "gave birth" to the inside bar from the bottom band! The only problem wis about ADX, which is in a correctional phase, and trading on correction may be unsafe.

Н1: local resistance 1.3207 (middle Bollinger band), support is 1.3141. In the case of movement above 1.3207, rising to 1.3268 will become real.

The main scenario - touch of 1.3207 and then decline towards 1.3141

The alternative scenario - surge to 1.3268

Trading solutions:

1 Search for downward signals around 1.3207

2. Purchases on attempts of break 1.3207 with the target 1.3268

3. Sales from 1.3268 (in case of growth to this level)

Aleksey Panasenko
FreshForex Analyst
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