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Support is around 1.2937

30 September 2016, GBP/USD

Daily chart: the lower Bollinger band has slightly dropped and now the target is at 1.2841. ADX does not have trend characteristics, so multi-directional movements are possible.

Support is around 1.2937

Н4: growing ADX, but the it is still quite far away from the trend area. Therefore, there are two basic ways: a rebound from support area 1.2937 (the lower Bollinger band) or break of the bottom envelope followed by a return to the middle band (1.2994)

Support is around 1.2937

Н1: here ADX is very weak, therefore, support area 1.2937-1.2945 would be irresistible for bears today. Resistance is at 1.2994 (middle Bollinger band)

Support is around 1.2937

Expectations: drop to the area 1.2937-1.2945 followed by a return to 1.2994

Solutions: purchases from 1.2937 to 1.2994 as well as sales from 1.2994 to 1.2841 (extraday)

Aleksey Panasenko
FreshForex Analyst
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