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Upward correction may be continued

Upward correction may be continued | 17 January 2017

17 January 2017, GBP/USD

Daily chart: resistance level 1.2265 is of interest since lower Bollinger envelope was broken. On this resistance level a substantial pound selling demand may be focused.

Upward correction may be continued

Н4: there is localized resistance level at 1.2141 (middle Bollinger band). That level may have a potential for starting a new drop to 1.1993 (see red arrow). If 1.2141 will be broken, we might see further correction to 1.2265

Upward correction may be continued

Н1: locally we are observing break of upper envelop which matches scenario of further growth towards 1.2265. Preliminary rollback to 1.2062 (middle Bollinger band) is possible.

Upward correction may be continued

Expectations: we would expect growth towards 1.2265 (possibly after a touch in 1.2062)

Solutions: consider buying towards 1.2265 (the best entry point is from 1.2062)

Aleksey Panasenko
FreshForex Analyst
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