Declining Flat Continues | 07 Abril 2017
07 Abril 2017, GBP/USD
Daily chart: the pair sticks to declining but bears are not very strong yet. That's why support level around middle Bollinger band (1.2400) is tough to break.
Н4: the price is rotating inside flat corridor of 1.2424-1.2500 (Bollinger bands). ADX is growing.
Н1: intermediate support level is in 1.2451 region (lower Bollinger band). We are not likely to see the pair lower that 1.2424-1.2451 area.
Expectations:
Core scenario - drop to 1.2424 followed by rollback towards 1.2468
Alternative scenario - flat in 1.2451-1.2485
Trading signals: available trading ranges are small but we may consider mid-term short positions at upside rollbacks.
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.
