Strong daily pivot for bears | 13 November 2015

13 November 2015, GBP/USD

Daily chart: bulls have predictable problems arose in the pivot zone of 1.5241-1.5245. If the day is closed by the inside bar - this will mean a classic and very strong sell signal on Monday. Bears have something to fight for.

Strong daily pivot for bears

H1: a solid triangular consolidation. Lowered tops, raised bottoms - will be a breakthrough. Direction of breakthrough determines the fate of the next movement. Goal of sellers - breaking through bottom 1.5798. Goal of bulls - break through the top of 1.5240

Strong daily pivot for bears

Expectations:

1) Decline under 1.5198 and a further drop to 1.51. A variation of the same scenario could be formation of fluorescent IB and delayed start of drop on Monday. 2) A break above 1.5240 and further rise to 1.53

Trading solutions:

1) When we have short signals in the zone 1.5220-1.5240 - sell for 1.51 (and much deeper in the medium-run). 2) It is also possible to sell by stop orders on breakdown of support 1.5198. 2) Buy on breakdown of 1.5240 with the target 1.53.

Aleksey Panasenko
FreshForex Analyst
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