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A downward reversal from 1.3177

A downward reversal from 1.3177 | 01 September 2016

01 September 2016, GBP/USD

Daily chart: the pair continues to stay within the range 1.2895-1.3306 (Bollinger envelopes). ADX is very weak and is going through correction, so there is no reason for this trend to be changed.

Н4: a better shaped resistance 1.3177 (upper Bollinger band), support - 1.3043 (bottom band). ADX also indicates lack of trend capacity for today.

Н1: resistance area 1.3158 - 1.3177, where buyers are moving on growing but not trend ADX. It may enable a downward correction to the middle Bollinger band (1.3112)

Expectations: now we are waiting for growth to 1.3158 - 1.3177, and then a downward correction towards 1.3112

Solutions: sales from 1.3177 to 1.3112

Aleksey Panasenko
FreshForex Analyst
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