Set-up not Good for Trading | 21 March 2017

21 March 2017, GBP/USD

Daily chart: the pair is in flat now, as yesterday it showed weakness around middle Bollinger band (1.2323). So, it is logical to assume that the price will rotate in the region of three middle Bollinger bands (see red horizontal lines)

Н4: we are observing local decline within corridor of 1.2260-1.2437, which matches daily chart expectations.

Н1: there is more narrow flat corridor of 1.2323-1.2406. ADX shows growing trend, so, if the price sinks below 1.2323, we may see active bearish moves.

Expectations:

Core scenario - flat at 1.2323-1.2406

Alternative scenario - drop to 1.2260 (only is case of price dropping below 1.2323)

Solutions: set-up is not good for trading, but one may consider entering short if price reaches 1.2406 region. Those who like trading in flat may test corridor of 1.2323-1.2406.

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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