Lull before the storm | 04 August 2016
04 August 2016, GBP/USD
Daily chart: ADX is growing, but has not reached the trendline area yet. So flat within the Bollinger envelopes (1.2918-1.3415) is the main option.
Н4: a technical downward correction in the direction of support 1.3274 and 1.3167 (middle and bottom Bollinger bands, respectively)
Н1: a local horizontal corridor 1.3301-1.3350. It is hard to say whether it will remain, because ADX shows signs of growth, but it is far away from the trend zone.
The main scenario - flat 1.3301-1.3350
The alternative scenario - decline to 1.3274 and possibly to 1.3167 (in case of increase of volatility)
Trading solutions: sales from 1.3350 to 1.3274 and 1.3167 (extraday)
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
