Limit sales under the pattern O&U
08 November 2016, GBP/USD
Daily chart: the upper Bollinger band is a reliable barrier against buyers that can create a wave of decline towards the middle Bollinger band (1.2275). Today we'll find if there is support.
Н4: that's a clear bearish signal: Over&Under pattern from 1.2493. Locally we see bulls attempts to arrange northern distribution, which, in fact, matches the need of an upward rollback to O&U. If not US election factor, there could be a good chance to put limit orders to sell. But today's are high, remember that. The fundamental component dominates over the technical analysis.
Н1: the same picture: dash to 1.2493 and then decline towards 1.2308 and 1.2275.
Expectations: upward dash to 1.2493 and then fall towards 1.2308 and 1.2275
Solutions: sales from 1.2493 to 1.2308 and 1.2275
Aleksey PanasenkoAnalyst of «FreshForex» company
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