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Horizontal corridor for today

16 November 2016, GBP/USD

Daily chart: support from the middle Bollinger band (1.2348) is very close. It will be determine overall bullish potential, as depth of correction has been reached. ADX/RSI also votes for a corrective nature of decline.

Н4: a local horizontal range 1.2372-1.2605 (the range of Bollinger bands)

Н1: a horizontal corridor inside Bollinger bands - 1.2382-1.2510 - is even better shaped. ADX behavior makes the conservation range and its breakthrough equally probable, cause it is growing, but has not reached the trend value yet.

Expectations: the corridor 1.2382-1.2510 will be maintained for today

Solutions: trade inside the corridor 1.2382-1.2510

Aleksey Panasenko
FreshForex Analyst
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