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Rollback from 1.4431 and a break above 1.45 are equally probable

Rollback from 1.4431 and a break above 1.45 are equally probable | 20 April 2016

20 April 2016, GBP/USD

Daily chart: the price has reached the upper Bollinger band (1.4431), from where, against weak ADX, it can start the downward phase of the flat in the direction of the bottom band (1.4037)

Н4: here we can see that the upper band area may be under stress due to the very active ADX. However, resistance is impressive, so a downward rollback is very likely.

Н1: The local support is at 1.4358 (middle Bollinger band), from where buyers can try a new attack of zone 1.4431

Expectations: The main scenario - a rollback to 1.4358, then rise to 1.4431 and then a new downward rollback

The alternative scenario - a breakthrough of the 45 th figure

Trading solutions: purchase from 1.4358 to 1.4431 and 1.45

Aleksey Panasenko
FreshForex Analyst
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