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Volumes can be distributed down

21 October 2016, GBP/USD

Daily chart: the price is in the middle of the bottom Bollinger envelope (1.1883-1.2581), which hinders from finding enties to any of the directions. But the overall determination is bearish: toward the lower band (1.1883)

Н4: at this local frame, the price continues to consolidate within a horizontal range of Bollinger envelopes (1.2184-1.2329). ADX is suspicious - it is in close to the trend area, so distribution can start in the nearest time.

Н1: at this local frame, the price is in the bottom Bollinger envelope (1.2229-1.2262)

The main scenario: touch of 1.2262 and then a drop to 1.2229

The alternative scenario: fall to 1.2184

Trading solutions: sales from ​​1.2262 to 1.2184.

Aleksey Panasenko
Analyst of «FreshForex» company
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