Drop to 1.2378 followed by an upward bounce by 100 points | 22 نوفمبر 2016
22 نوفمبر 2016, GBP/USD
Daily chart: the pair is aimed at the upper Bollinger band (1.2642), but, in view of falling ADX, bulls may have not enough potential to take a further breakthrough. Support is at the middle Bollinger band (1.2378)
Н4: a local downward movement within a horizontal channel 1.2307-1.2529 is initiated. Targets for drop are 1.2419 and 1.2307 (middle and lower Bollinger bands).
Н1: another better shaped support around bottom Bollinger band (1.2378). Thus, the area 1.2378-1.2419 can provide a dense area of demand for the British pound, with an upward reversal by 100 points.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
