Consider selling towards 1.2070 | 10 January 2017

10 January 2017, GBP/USD

Daily chart: ADX is in trend state, it still gives bears positional advantage. There is strong support level on lower Bollinger band (1.2070) but it seems that this level may soon be under the pressure.

Consider selling towards 1.2070

Н4: we are observing heavily oversold market but it's still highly likely that level of 1.2070 (lower Bollinger band) will be touched considering active ADX

Consider selling towards 1.2070

Н1: here we see quite similar situation: the pair stayed in horizontal range of 1.2132-1.2179, while ADX regained its strength and now it is ready for further drop again.

Consider selling towards 1.2070

Expectations: we would expect decline towards 1.2070

Trading solutions: consider selling towards 1.2070

Aleksey Panasenko
FreshForex Analyst
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