Drop to 1.2378 followed by an upward bounce by 100 points
22 November 2016, GBP/USD
Daily chart: the pair is aimed at the upper Bollinger band (1.2642), but, in view of falling ADX, bulls may have not enough potential to take a further breakthrough. Support is at the middle Bollinger band (1.2378)
Н4: a local downward movement within a horizontal channel 1.2307-1.2529 is initiated. Targets for drop are 1.2419 and 1.2307 (middle and lower Bollinger bands).
Н1: another better shaped support around bottom Bollinger band (1.2378). Thus, the area 1.2378-1.2419 can provide a dense area of demand for the British pound, with an upward reversal by 100 points.
Analyst of «FreshForex» company
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us