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Two possible Monday scenarios

Two possible Monday scenarios | 05 December 2016

05 December 2016, GBP/USD

Daily chart: bulls managed an upper Bollinger envelope breakout, that promises to buyers further rise towards 1.2850 (and in mid-term even further towards 1.3376)

Two possible Monday scenarios

Н4: ADX is very active that indicates continuation of upward pressure. There will be, apparently, a touch in 1.2850. However, the pair is heavily overbought, so we might wait for downward correction towards 1.2644 and 1.2554

Two possible Monday scenarios

Н1: as we see the pair is rapidly flying up beyond the range of Bollinger bands, so mirror scenario is possible when there is a rollback to support level 1.2644 and only then upward move and touch in 1.0850.

Two possible Monday scenarios

Expectations:

Core scenario - downward rollback to 1.2644 and rapid rise to 1.0850

Alternative scenario - at first, rise to 1.2850, then downward correction to 1.2644

Solutions:

1. Buy in the range from 1.2644 to 1.2850

2. Sell in the range from 1.2850 to 1.2644

Aleksey Panasenko
FreshForex Analyst
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