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Flat as preparation for an upward reversal

20 September 2016, GBP/USD

Daily chart: yesterday the bullish reversal inside bar was formed at support 1.2968 (the lower Bollinger band), which can be an important signal for an upward reversal to 1.3423 (upper Bollinger band)

Н4: at this local frame the pair is inside the lower Bollinger envelope (1.2945 -1.3126). Upon that, southern potential still remains. Well, if today we get a false break-down of the inside bar, it will enhance the buy signal for tomorrow.

Н1: intraday there is a calm flat. The corridor 1.3015-1.3071 (the range of Bollinger envelopes) appears to be stable. ADX is passive, so the pair is unlikely to go beyond these borders.

Expectations: now, we are waiting for the flat inside the corridor 1.3015-1.3071

Solutions: search for upward signals at the level of 1.3015.

Aleksey Panasenko
Analyst of «FreshForex» company
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