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Resistance Area of 1.2421-1.2436

Resistance Area of 1.2421-1.2436 | 11 April 2017

11 April 2017, GBP/USD

Daily chart: the previous day was closed with bullish inside bar, that gives bulls an opportunity to push the price towards upper Bollinger band (1.2619). However, we can't say that support level around 1.2400 is strong enough (considering recent price drop to lower Bollinger envelope).

Resistance Area of 1.2421-1.2436

Н4: price is moving inside flat corridor of 1.2360-1.2511 (Bollinger envelopes range). ADX parameters are falling, which indicates that there's no trend.

Resistance Area of 1.2421-1.2436

Н1: ADX parameters are also falling but indicator still shows active trend. There are two strong resistance levels at 1.2421 and 1.2436, so we may talk about resistance area here.

Resistance Area of 1.2421-1.2436

Expectations: we expect the price to touch 1.2421-1.2436 area and then drop to 1.2370-1.2400 area

Trading signals: consider selling from 1.2421-1.2436 region

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Aleksey Panasenko
FreshForex Analyst
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