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Pound. We are looking for new entries down

Pound. We are looking for new entries down | 26 October 2016

26 October 2016, GBP/USD

Daily chart: this pair continues lowering in the direction of the lower Bollinger band (1.1858), while the resistance of the middle band is reduced (now this dynamic supply level is at 1.2495, from this level you had better consider the possible sell positions).

26102016p1

H4: ADX is very active, so you can expect one of two scenarios: either the bears will include full revolving, not later than after touching the upper Bollinger band (1.2272) or bulls will take advantage of the situation and correct the price to 1.2495. Of course, you had better wait for the trend scenario (not reversal).

26102016p2

H1: the resistance is localized in the area of 1.2200 (middle Bollinger band), support - 1.2134 (lower band).

26102016p3

Expectations:

The main scenario - decline to 1.2134 (after touching 1.2200 zone)

Alternative scenario - growth to 1.2268-1.2272 (with a break above 1.2200)

Trading solutions: selling to 1.2134 (after the formation of short signals in the 1.2200 area)

Aleksey Panasenko
FreshForex Analyst
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