Looking for buying options around 1.2985
22 September 2016, GBP/USD
Daily chart: a confirmed rebound from the lower Bollinger band against rising ADX allows a medium-term movement to the upper band (1.3446)
Н4: a well-expressed resistance is at 1.3136 (the upper Bollinger band). ADX contradicts to RSI, so a breakthrough above is not expected today.
Н1: here buyers broke through the upper Bollinger envelope on the background of weak ADX, so we are waiting for return of the price to the middle band (1.2985), whereupon the main phase of growth will start.
The main scenario - a new local High, then a return down to 1.2985 and a new start of upward move towards 1.3136
The alternative scenario - a direct surge to 1.3136 and 1.3198
Trading solutions: look for purchases from 1.2985 to 1.3136
Aleksey PanasenkoAnalyst of «FreshForex» company
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