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A new high and correction

11 November 2016, GBP/USD

Daily chart: ADX is in the trend aggressive zone, upon that bulls are attacking the upper Bollinger envelope. A further upward break might create a strong potential for growth toward 1.3376 in the medium run.

A new high and correction

Н4: northern potential is also saved, so we wait when the price will reach new highs, and then a downward correction to the middle Bollinger band (1.2436).

A new high and correction

Н1: resistance is at the upper Bollinger band (1.2631); support is on the middle band (1.2522)

A new high and correction

Expectations: an upward move to 1.2631 and then pullback to 1.2522

Solutions: 1. Buy to 1.2631

2. Sales from 1.2631 to 1.2522

Aleksey Panasenko
FreshForex Analyst
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