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Downward consolidation

15 November 2016, GBP/USD

Daily chart: the pair is consolidating within the upper Bollinger envelope in an attempt to grasp a possible upward structure. The range is 1.2348-1.2605.

Downward consolidation

Н4: we confirm the flat side corridor 1.2348-1.2605 (the range of Bollinger envelopes). ADX is close to the trend valu thus enabling impulse movement.

Downward consolidation

Н1: tapering downward range 1.2454-1.2531. In general, accumulation can be recognized bearish, which fits into all of the above scenarios.

Downward consolidation

Expectations: So, we can expect growth toward 1.2531 and then a downward pullback to 1.2454

Solutions:

1. Buy to 1.2531

2. Sales from 1.2531 towards 1.2454.

Aleksey Panasenko
Analyst of «FreshForex» company
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