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A local upward reversal is possible

04 October 2016, GBP/USD

Daily chart: the lower Bollinger band has declined again and now the target for bears is 1.2779. ADX has no trend potential yet and possible decline is under question.

Н4: a notable support is the round psychological level 1.2800, plus the pais is heavily oversold. But ADX is enhacing its pressure, so we expect another phase of decline.

Н1: a this local frame the oscillator shows bullish convergence thus proving inability of sellers to make new deeds. But anyway we expect attempts of forcing zone around 1.28. Such attempts can just generate signs of pricks as maximum.

Expectations: upward reversal around 1.2886 after touch of zone 1.2779-1.2800

Solutions: look for buying options from around the area 1.2779-1.2800 to 1.2886.

Aleksey Panasenko
Analyst of «FreshForex» company
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