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Wait for shift to 1.2561 and later outcome

Wait for shift to 1.2561 and later outcome | 19 December 2016

19 December 2016, GBP/USD

Daily chart: the pair moves inside Bollinger envelopes (1.2322-1.2750), moreover, Friday was closed with bullish inside bar, it allows us to buy towards 1.2750.

Wait for shift to 1.2561 and later outcome

Н4: a very strong intermediate resistance in 1.2561 (middle Bollinger band). As we can see, lower Bollinger band still presses ahead with continuing decline. This conflicts with daily chart conclusions, which, of course, complicates adequate analysing of the current situation.

Wait for shift to 1.2561 and later outcome

Н1: locally the pair has potential of rising towards 1.2561. In total, we might say that in 1.2561 lots of things will be decided - we will see either shift and later start of new declining wave or bulls will break defenses and will move towards 1.2750.

Wait for shift to 1.2561 and later outcome

Expectations: in general, we expect a rise towards 1.2561. Later there might be two continuation scenarios: either rising towards 1.2750, or starting decline towards 1.2378.

Solutions:

1. Buy closer to 1.2561.

2. According to relevant signals, in the range of 1.2561 either buy towards 1.2750 or sell towards 1.2378.

Aleksey Panasenko
FreshForex Analyst
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