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New Lows can be reached

13 October 2016, GBP/USD

Daily chart: yesterday an unexpected inside bullish bar could be a buy signal, but this setup was in the inappropriate spot. In addition, Bollinger envelopes openly suggest bearish potential.

Н4: local support is at the lower Bollinger band (1.2118), and it may for some time keep the bearish front, because ADX is corrected.

Н1: local accumulation has trend characteristics, so we expect downward movement.

The main scenario - decline to 1.2000.

The alternative scenario - touch of 1.2118 and then an upward rollback towards 1.2248

Trading solutions: sales to 1.20

Aleksey Panasenko
FreshForex Analyst
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