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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)

Drop to 1.2378 followed by an upward bounce by 100 points

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).

Drop to 1.2378 followed by an upward bounce by 100 points

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
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