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Consider Entering Down at Upside Rollback

10 April 2017, GBP/USD

Daily chart: support level at 1.02407 (middle Bollinger band) is broken, and the price may drop to lower Bollinger band (1.2181) without interruption. However, ADX doesn't show active trend, so we may see flat.

Consider Entering Down at Upside Rollback

Н4: there is technical upside correction towards middle Bollinger band (1.2442) following several pinbars beyond Bollinger envelope borders. Support level is at 1.2363 (lower Bollinger band).

Consider Entering Down at Upside Rollback

Н1: here resistance level is at 1.2421 (upper Bollinger band), but ADX already supports bulls.

Consider Entering Down at Upside Rollback

Expectations:

Core scenario - touching 1.2421 followed by drop to 1.2363

Alternative scenario - shot to 1.2442 and then decline.

Trading signals: consider entering short after correction to region of 1.2421-1.2443.

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Aleksey Panasenko
FreshForex Analyst
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