Looking for sales on the upward swing | 29 October 2015

29 October 2015, GBP/USD

The daily chart: a continued downward swing, obviously directed to the zone 1.5106-1.5160.

H1:resemblance of the double bottom, which can locally reverse the trend (in the case of a break above the last top - 1.5271; See the red arrow). However, it could be another consolidation before the price continues to move down. For that, bears just need not to let the pair above 1.5271 (blue arrow).

Expectations:

1) Decline to 1.5247 and focus on 1.5160 (in the case if resistance 1.5271 withstands). 2) Growth to the area of ​​1.5315 (in the case of a break above 1.5271

solutions: 1) Under the first scenario, you must wait for the formation of the short signal. 2) I would skip Buy trades even in the event the local ascending swing into the zone 1.5315.

Aleksey Panasenko
FreshForex Analyst
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .