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Pre-reversal convulsions

21 September 2016, GBP/USD

Daily chart: sellers are exerting some pressure on the lower Bollinger band, but so far this pressure has a non-trend character - ADX has not reached the active zone.

Pre-reversal convulsions

Н4: signs of bullish convergence of the oscillator, so the price may bounce off 1.2882 ( lower Bollinger band) and then reverse upwards. Resistance is at 1.3053 (middle Bollinger band)

Pre-reversal convulsions

Н1: also convergence and bullish inside bar from the lower Bollinger band (where potentially strong Buy signals may be). Support is at 1.2952 (lower Bollinger band), the resistance is at1.3003 (upper band). ADX contradicts the oscillator that usually means that the price is saving potential for another wave of decline

Pre-reversal convulsions

The main scenario - trading inside the corridor 1.2952-1.3003

The alternative scenario - decline to 1.2882 followed by an upward bounce

Trading solutions: look for downward signals to 1.3003 and upward signals around ​​1.2882 (under the alternative scenario)

Aleksey Panasenko
Analyst of «FreshForex» company
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