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Maximum possible correction has already happened

09 November 2016, GBP/USD

Daily chart: the daily bar has not only been closed, but also formed rather ragged movements on news. Therefore, there is simply nothing to analyze. Although bulls have a position to take an attack.

Н4: overall range for trading - 1.2349-1.2528. Inside it we may bface challenges, so we'd better wait.

Н1:The maximum possible downward correction has already happened. An important Buy signal may be forming now - a bullish pin. But to have wait for nearly an hour, please be patient. So far, the pair is being bought off around support 1.2349, but it is almost impossible to say what happens next.

Maximum possible correction has already happened

The main scenario - growth from current levels to ​​1.2528

The alternative scenario - a breakthrough at 1.2349 and decline to 1.2275

Aleksey Panasenko
Analyst of «FreshForex» company
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