Main Expectation – Decline | 17 March 2017

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.

Main Expectation – Decline

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.

Main Expectation – Decline

Н1: as we may see here, decline has already started. Local support levels are at 1.2289, 1.2246.

Main Expectation – Decline

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.

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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