A downward reversal is closing | 19 August 2016
19 August 2016, GBP/USD
Daily chart: flat within Bollinger envelope (1.2872-1.3361) without any signs of aggression from ADX
Н4: resistance is around the upper Bollinger band (1.3220), from where the pair is likely to go down in the direction of the middle band (1.3043)
Н1: a well expressed bearish divergence of the oscillator indicates that a downward reversal is coming. Local resistance is at 1.3169 (the upper Bollinger band). Support points are 1.3126, 1.3105, 1.3043.
The main scenario - touch of 1.3169 and then decline towards 1.3043
The alternative scenario - surge to 1.3220 and then a downward reversal
Trading solutions: look for sales around 1.3169 and 1.3220
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.
