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Price rotation before big bearish O&U

Price rotation before big bearish O&U | 14 February 2017

14 February 2017, GBP/USD

Daily chart: weak and corrective ADX indicates continuing tendency of price rotation around middle Bollinger band (1.2478) inside broad flat at 1.2223-1.2734 (Bollinger bands)

Фунт. Проторговка перед большим медвежьим O&U

Н4: here we have good steady Bollinger envelopes inside 1.2478-1.2568 range, it may be the pair's destination point for today considering weak ADX. However, there is an attractive area above at 1.2670, here is downward entry within bearish Over&Under pattern (see red arrow)

Фунт. Проторговка перед большим медвежьим O&U

Н1: more localized flat corridor is at 1.2497-1.2547. We will either see price rotation within this range or bullish breakout to 1.2600.

Фунт. Проторговка перед большим медвежьим O&U

Expectations:

Core scenario - flat at 1.2497-1.2547

Alternative scenario - upward breakout to 1.2600

Solutions:

1. Consider buying from 1.2500 to 1.2547

2. Consider limited selling from 1.2670

Aleksey Panasenko
FreshForex Analyst
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