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Pound. The decline may begin at any time

28 October 2016, GBP/USD

Daily chart: bears, obviously, again pull the wheel from the market bulls. Now there are all prerequisites to a fresh start down towards the lower Bollinger band (1.1871).

28102016p1

H4: the narrowing of the Bollinger envelopes happens on insufficient ADX parameters, so the flat can theoretically be continued. But we must be ready for the start of decline.

28102016p2

H1: local support is at the lower Bollinger band (1.2128), the resistance - 1.2184 (middle Bollinger band).

28102016p3

Expectations: decline to 1.2128 (perhaps after touching 1.2184).

Trading solutions: sales from 1.2184 to 1.2128.

Aleksey Panasenko
Analyst of «FreshForex» company
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