Looking for upward entries on a decline
23 September 2016, GBP/USD
Daily chart: yesterday, after the inside bar from the lower Bollinger band the pair has predictably moved up. But there are still very weak ADX parameters, therefore, the movement will be multi-directional.
Н4: ADX in the active trend area for benefit of buyers. If northern scenario is implemented, then, not lower than under 1.3029, we can wait for a new upward move to 1.3190.
Н1: here, in turn, ADX is weak and corrective, so flat within Bollinger envelopes (1.3029-1.3106) is not excluded.
The main scenario - flat 1.3029-1.3106
The alternative scenario - surge to 1.3190 (probably after a decline towards 1.3029)
Trading solutions: look for upward signals (around 1.3029)
Aleksey PanasenkoAnalyst of «FreshForex» company
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