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We have to refuse correlation with euro

14 November 2016, GBP/USD

Daily chart: very active trend ADX may mean willingness of markets to move up in a very strong manner (up to 1.3376 in the medium run), ie we have potential of movement in 800 points. Our task is to find entry points in this movement.

We have to refuse correlation with euro

Н4: at this local frame growth from the current levels is complicated, as evidenced by severe bearish divergence of the oscillator. Levels of support and resistance 1.2369 are 1.2653 (middle\upper Bollinger bands). The best possible upward entry is around 1.2469.

We have to refuse correlation with euro

Н1: ADX is in the trend area here as well, so despite a number of correction signals, we should be extremely cautious about forecasts of a decline: the day frame will dominate over smaller charts. Support is at 1.2532 (lower Bollinger band)

We have to refuse correlation with euro

The main scenario - a downward rollback to 1.2532 and an abrupt upward move towards 1.2653 (with medium-term goals much higher)

The alternative scenario - decline to 1.2469 and then growth of the pair

Trading solutions: look for upward entries around 1.2532 and 1.2469.

Aleksey Panasenko
Analyst of «FreshForex» company
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