27 December 2016, GBP/USD
Daily chart: there is a very ambiguous situation. ADX is very active and aggressive (seemingly bearish), but lower Bollinger band (1.2217) is still not broken. Moreover, there is local bearish Over&Under, that also leads to preliminary upward rollback.
Н4: weak indicators mean that there might be either flat in 1.2229-1.2387, or low sensitivity of H4 time frame.
Н1: downward structure still remains (till red range is not broken; 1.2300 range is a strong round and psychological level.). So everything that is lower than 1.23, we can treat as an opportunity for continuing down movement.
Expectations:
Core scenario - if 1.2272 is broken, expect decline towards 1.2229
Alternative scenario - if resistance level 1.2300 is broken, expect a rise towards 1.2387
Solutions: both scenarios may be postponed because of flat, if so there is no use in trading within flat. However, one can try to trade at breakout of the levels 1.2272 and 1.2300.
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