17 March 2017, GBP/USD
Daily chart: we have upper Bollinger band breakout (1.2349), that allows bulls to break upper Bollinger band (1.2575). However, at such set-ups bearish inside bars are not uncommon, which is quite possible today.
Н4: ADX shows very strong trend which may be either bearish or bullish. As long as resistance level at 1.2395 (upper Bollinger band) is not broken, decline to entry area of bullish Over&Uner pattern (1.2150) is possible. If 1.2400 area is broken, bulls will be able to move towards 1.2575.
Н1: as we may see here, decline has already started. Local support levels are at 1.2289, 1.2246.
Expectations:
Core scenario - decline towards 1.2289 and 1.2246.
Alternative scenario- in case of upward breakout of 1.2400 - rise towards 1.2575.
Solutions: consider selling to 1.2289 and 1.2246.
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