Waiting for the upward swing, there is a risk of a bulls' trap | 01 September 2015

01 September 2015, GBP/USD

The daily chart: we have received an enough "dumb" inside bar (almost swallowed bullish pinbar with bearish closing). However, support zone 1.5330 did not get weaker, and need of rising swing has not disappeared. Therefore, we carefully assume a moderate growth in the new rising swing.

Waiting for the upward swing, there is a risk of a bulls' trap

J1 chart: "double bottom " - a good bullish formation, which, however, is working. We'll see reaction of the price to the last Top (1.5436).

Waiting for the upward swing, there is a risk of a bulls' trap

Scenarious: wait for growth to 1.5420-1.5436. We guess response to this resistance zone is difficult. It is better to analyze this point in tomorrow's review to be able to understand the real market sentiment.

solutions:

1) Buying to 1.5420-1.5436

2) Monitoring short signals in the area of 1.5436.

Aleksey Panasenko
FreshForex Analyst
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