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Sell to 1.2640

06 October 2016, GBP/USD

Daily chart: active status of ADX indicates preservation of bearish potential. every day, support from the lower Bollinger band is sliding below that suggests sufficient reserves of sellers.

Sell to 1.2640

Н4: local support is at 1.2640 (lower Bollinger band). Resistance is at 1.2801 (middle Bollinger band plus the "round" psychological level)

Sell to 1.2640

Н1: aggressive ADX indicates readiness of the price to finalize support zone 1.2640, which is a quite acceptable depth to open Sell trades.

Sell to 1.2640

Expectations: we are waiting for drop to 1.2640 directly from current levels, then an upward bounce to 1.2801 will be possible, but I would not recommend using this rebound for purchases

Solutions: sell to 1.2640

Aleksey Panasenko
FreshForex Analyst
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