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Looking for Sell opportunities from around 1.2963

03 October 2016, GBP/USD

Daily chart: the pair is within the bottom Bollinger envelope (1.2841-1.3120) with an open bearish momentum, so the basic expectation is drop to 1.2841.

Н4: the bottom Bollinger envelope has been broken and Bollinger bands got expanded to a certain extent. So, a rollback to the middle band (1.2994) is possible. It will also be a spot of the main supply (plus the psychological level 1.3000)

Н1: a similar situation: bears broke the bottom Bollinger envelope on low ADX, so a subsequent pullback to the middle Bollinger band is possible; this band is shaped better than on H4 and it is 1.2963.

Expectations: an upward roll back to 1.2963 and then decline to 1.2841. The alternative scenario - a direct fall to 1.2841. Solutions: look for sales to 1.2841 (the best possible way - from around 1.2963)

Aleksey Panasenko
FreshForex Analyst
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