12 October 2015, GBP/USD
The daily chart: a good chance for beginning of the downward swing of bears. Will they take an advantage of them? Expected depth of the swing can be 1.5160 (the penultimate bottom), where we will see willingness or unwillingness of the pair for the upward reversal.
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H1 chart: tangled, non-directional structure of the chart. Bulls have a chance to get two crossing straight up, for what they need to enable the market to complete the swing down, but it does not penetrate to the bottom of the last bottom (1.5299, black arrow). Otherwise swing down will continue to 1.5260 and another 100 points lower (within the script with the daily chart).
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Expectations:
1) above 1.5299 we consider growth to 1.54
2) Below 1.5299 - waiting for decline towards 1.5160.
solutions: 1) above 1.5299 we buy a 1.54 2) It is possible to sell on breakdown of support at 1.5299 to 1.5260 and 1.5160 targets (extraday).
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