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Pound. 1.2137-1.2216 – range for this day

31 October 2016, GBP/USD

Daily chart: the pair consolidates within the lower Bollinger envelope (1.1893-1.2360), and ADX continues to be aggressive in the trend area, that could spell surprises in the form of pulse distributions.

31102016p1

H4: there is a horizontal band within the range of the Bollinger envelopes (1.2137-1.2243). ADX is weak, so the range is not expected.

31102016p2

H1: slightly more localized range for intraday trading - 1.2137-1.2216. A bunch ADX/RSI is synchronously adjusted, which gives certain advantage to the bulls.

31102016p3

Expectations:so, we wait for a reduction in the area of 1.2137 and then growth to 1.2216. As some alternative to this scenario could be the option with the rebound from 1.2174.

Trading solutions: looking for buying in the 1.2137 area with the 1.2216 aim.

Analyst of «FreshForex» company
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