Declining Flat Continues | 07 April 2017

07 April 2017, GBP/USD

Daily chart: the pair sticks to declining but bears are not very strong yet. That's why support level around middle Bollinger band (1.2400) is tough to break.

Declining Flat Continues

Н4: the price is rotating inside flat corridor of 1.2424-1.2500 (Bollinger bands). ADX is growing.

Declining Flat Continues

Н1: intermediate support level is in 1.2451 region (lower Bollinger band). We are not likely to see the pair lower that 1.2424-1.2451 area.

Declining Flat Continues

Expectations:

Core scenario - drop to 1.2424 followed by rollback towards 1.2468

Alternative scenario - flat in 1.2451-1.2485

Trading signals: available trading ranges are small but we may consider mid-term short positions at upside rollbacks.

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Aleksey Panasenko
FreshForex Analyst
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