05 Abril 2017, GBP/USD
Daily chart: scenario of declining towards middle Bollinger band (1.2375), so we expect middle band breakout.
Н4: there is consolidation within 1.2406-1.2549 range (Bollinger bands). Bullish inside bar from lower Bollinger band questions bearish ability to continue decline. However, ADX shows trending prices, so we may see sharp price shifts in both directions.
Н1: declining market is under protection of resistance levels at 1.2445 and 1.2483 (middle and upper Bollinger bands). Support level is at 1.2406 (lower Bollinger band).
Expectations:
Core scenario - decline to 1.2406 or even lower to 1.2375
Alternative scenario - rollback to 1.2483 followed by decline to 1.2406.
Trading signals: consider selling to 1.2406 and 1.2375 (the best entry point is 1.2483)