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A new drop can be enabled by breakdown of 1.2360

18 November 2016, GBP/USD

Daily chart: the pair continued a downward correction inside Bollinger envelopes (painted by yellow). If the middle Bollinger band (1.2360) is not broken, the chart will remain the overall rising structure.

Н4: ADX is growing, but has not yet reached the trend value yet ​​that can help the price retain inside the lower Bollinger envelope. (1.2360-1.2440)

Н1: at this local frame, we can see that the bearish pressure is maintained, so support 1.2360 is under load and can be broken. A deeper drop will be possible down to 1.2103 (the daily Bollinger lower band)

Expectations: fall to 1.2360, then a break below and activation of a new phase of decline towards 1.2103

Solutions: sale to 1.2360 and 1.2103.

Aleksey Panasenko
Analyst of «FreshForex» company
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