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Slipping Flat

Slipping Flat | 31 January 2017

31 January 2017, GBP/USD

Daily chart: we are observing downside flat. The pair moves inside upper Bollinger envelope (1.2348-1.2675), so the price may be expected on middle Bollinger band (1.2348)

Slipping Flat

Н4: bears try to implement downside reversal under head and shoulders pattern but ADX is weak and not supportive of such attempts. So we are expecting the price to move inside lower Bollinger envelope range (1.2458-1.2553) slipping to the downside which drives buying out of the question.

Slipping Flat

Н1: local support region is 1.2458-1.2468. Resistance is at 1.2500, 1.2534 (middle and upper Bollinger band). ADX doesn't have potential for downside breakout.

Slipping Flat

Expectations: we are expecting the pair to touch 1.2458 and then roll back towards 1.2500-1.2534.

Solutions: consider trading inside 1.2458-1.2534 corridor. Selling is more recommended.

Aleksey Panasenko
FreshForex Analyst
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