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Bearish Potential Remains but Weakens

Bearish Potential Remains but Weakens | 09 March 2017

09 March 2017, GBP/USD

Daily chart: as expected decline continues towards strong support in region of 1.2084-1.2100. ADX is very active and questions bullish ability to prevent downtrend. We will find that out soon enough.

Bearish Potential Remains but Weakens

Н4: the price is inside lower Bollinger envelope (1.2124-1.2210). We also observing aggressive ADX at its extremes. Moreover, there are signs of bullish oscillator convergence. That matches bears weakening expectations.

Bearish Potential Remains but Weakens

Н1: more localized flat is in 1.2146-1.2177 (Bollinger bands range)

Bearish Potential Remains but Weakens

Expectations: we expect the price to continue declining, touch 1.2084-1.2100 region and, perhaps, rebound in mid-term

Solutions:

1. Consider selling from 1.2177 to 1.2146, 1.2100, 1.2084

2. Consider looking for upward signals in 1.2084 region

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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