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Looking for buying options around 1.30

19 September 2016, GBP/USD

Daily chart: the price has reached the bottom wall of the horizontal flat channel 1.2996 - 1.3423, so we can assume that the rebound will happen, especially since ADX is still passive (whereas growth of ADX is required to break important support lines).

Looking for buying options around 1.30

Н4: here the price is heavily oversold and ADX is corrective, so here we can conclude about rebound from around 1.2996 (wherel the psychological level 1.30 can be found)

Looking for buying options around 1.30

Н1: potential of decline is even around 1.2943 (the bottom Bollinger band) . But we must not forget that increasing of the bottom Bollinger band is a dynamic level of support (not static), so it is likely that it will rise higher.

Looking for buying options around 1.30

The main scenario - touch of 1.2996 and then rebound to 1.3062

The alternative scenario - decline to 1.2943 and then an upward bounce to 1.3062

Trading solutions: look for buy signals around 1.2996 and 1.2943.

Aleksey Panasenko
FreshForex Analyst
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