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Pound. Flat as a preparation for new reduction

24 October 2016, GBP/USD

Daily chart: ADX is very active, and it is good for sellers in view of the General trend downward in the direction of 1.1883 (lower Bollinger band). But we must not forget that the price is in the mid range of the lower envelope Bollinger, and therefore will remain the probability of a touch of the middle band (1.2532).

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H4: there is trend bearish ADX, this means that at any point in time may be initiated by a decline to 1.1883, so purchase in this phase can not be viewed (though perhaps the local movement to the upper Bollinger band 1.2329).

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H1: horizontal undirected corridor within the envelope Bollinger band (1.2188-1.2262)

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Expectations:The main scenario - flat in the range of 1.2188-1.2262. Alternative scenario - the decline towards 1.2050-1.2080 (in case of break of 1.2188 support).

Trading solutions: Sell from 1.2262 to 1.2188 and possibly to 1.2050

Aleksey Panasenko
Analyst of «FreshForex» company
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