The level of 1.5509 will determine the trend | 02 November 2015

02 November 2015, GBP/USD

Daily chart: bulls are ready to attack the top (1.5509), to break the downward structure (black arrow). Bears, of course, are ready to defend and not let them do it (red arrow), now " breaking out" a possible inside bar.

H1: a supposedly finished triangular consolidation and bulls may hold a strong attack on distribution of volumes. By the break above 1.5467, this scenario will be confirmed. However, we know about protection of strong resistance of 1.5509.

Expectations: growth towards 1.5509. Break/ rebound will have an important prognostic significance and meanwhile buyers have a positional advantage.

solutions: purchase seem to be reasonable, but they are no less dangerous. It is better to wait for clarity about the level of 1.5509, and then for formation of the entry signals.

Aleksey Panasenko
FreshForex Analyst
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