Trades around 1.30 are possible | 08 Juli 2016
08 Juli 2016, GBP/USD
Daily chart: the bottom Bollinger band has confidently switched to 1.2507, where the magnet for the price can be located. The only thing that can break the bearish outlook are the NPF against US dollar.
Н4: a flat corridor inside Bollinger envelopes - 1.2775-1.3245. It is hard to say of this range (370 points) is enough for news volatility, but it may be enough.
Н1: a better shaped corridor: 1.2860-1.3017. Apparently, this spot will decide the fate of distribution.
Expectations: trading inside the range 1.2860-1.3017 and then an impulse. If the price breaks above 1.3017, we'll be waiting for further growth to 1.3242. On a downward rebound, it is expected to get to 1.2860 and below
Solutions: either ignore the news background or look for the entry points around 1.3017.
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.
