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Flat day possible

Flat day possible | 12 January 2017

12 January 2017, GBP/USD

Daily chart: a strong support is on the lower Bollinger band (1.2104), where there is demand determined by psychological level and, perhaps, by possible limited orders of large market players. On the way of rising pair will also be as strong resistance around middle Bollinger band (1.2335) closing the path to 1.2577 (upper band).

Flat day possible

Н4: there is a strong valid level around 1.2335. On this level there is not only day middle Bollinger band, but also declining upper band from H4 chart. ADX indicates that there is no potential for breaking higher yet.

Flat day possible

Н1: local resistance level is at 1.2232 (upper Bollinger band), the pair might not go higher than this level today, because ADX within this frame is weak.

Flat day possible

Expectations:

Core scenario - touch in 1.2232 and later a drop towards 1.2155

Alternative scenario - break towards 1.2335

Solutions: limited selling orders around 1.2335 (in case of alternative scenario)

Aleksey Panasenko
FreshForex Analyst
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