Expecting Breakout of 1.2619 Region

13 April 2017, GBP/USD

Daily chart: the pair keeps edging higher and now it can as well break upper Bollinger band (1.2619)

Expecting Breakout of 1.2619 Region

Н4: very active trend ADX indicates bullish readiness to move to 1.2619 region. Besides, both indicators are at their extremes which can cause bullish weakening in region of 1.2600-1.2619 and profit taking.

Expecting Breakout of 1.2619 Region

Н1: there is upper Bollinger envelope breakout along with ADX whose parameters are not strong enough. As a rule, such setups include preliminary rollback to middle Bollinger band (1.2500)

Expecting Breakout of 1.2619 Region

Expectations:

Core scenario - downside rollback to 1.25 followed by rise to 1.2600-1.2619.

Alternative scenario - direct rise to 1.2600-1.2619

Trading signals:

1. Consider buying from 1.2500 to 1.2600-1.2619

2. Consider selling from 1.2619

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Aleksey Panasenko
FreshForex Analyst
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