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Finalization of 1.2386 and move down

Finalization of 1.2386 and move down | 12 October 2016

12 October 2016, GBP/USD

Daily chart: a confident breakdown of the lower Bollinger envelope was made, so we can expect a continued decline. The price is much oversold, which enables a pullback toward the middle Bollinger band (1.2850) prior to a new decline.

Н4: a fairly sharp upward correction is taking place now, it is going to face a strong resistance 1.2386 (middle Bollinger band), from where bears can get the price down once again.

If there is no shock downward spire, the chart would show convergence enabling an upward correction to 1.2660 (upper Bollinger band)

Н1: ADX contradicts to RSI, which says about weakness of bulls, so we expect a new wave down from around 1.2386

Expectations: touch of 1.2386 and then a move down to finalize 1.2090

Solutions: sales from 1.2386 to 1.2090

Aleksey Panasenko
FreshForex Analyst
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