ADX is not ready for big moves
29 November 2016, GBP/USD
Daily chart: the pair is still inside the horizontal corridor 1.2250-1.2605 between Bollinger bands. It seems that the tendency will continue - ADX is weak.
Н4: more localized flat range is 1.2386-1.2497. We also notice stable Bollinger envelopes, that reflect strong levels on upper/lower lines.
Н1: Bollinger bands are narrowing in 1.2386-1.2427. ADX in this frame is passive too, that's why flat is likely to continue.
Core scenario - flat within the corridor 1.2386-1.2427
Alternative scenario - wider flat corridor 1.2386-1.2497.
Solutions: cautious trades within the corridor 1.2386-1.2497.
Aleksey PanasenkoAnalyst of «FreshForex» company
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us