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The two ways are possible

The two ways are possible | 19 October 2016

19 October 2016, GBP/USD

Daily chart: the lower Bollinger band (1.1958) looks unfinished, but yesterday's chart was openly bullish and aimed at the middle band (1.2666)

Н4: ADX is in the active trend zone. So far it (in addition expanded Bollinger bands) can be interpreted in favor of buyers (which is in line with correction scenario towards 1.2666 on the daily chart).

Н1: here, in turn, we see divergence of the oscillator and quite exhausted bullish potential. Resistance is at 1.2327 (upper Bollinger band), support is at 1.2269 (middle band) and 1.2217 (lower Bollinger band).

The main scenario - touch of 1.2327 and then decline towards 1.2269 and possibly, 1.2217

The alternative scenario - touch of 1.2269 and rise to 1.2400

Trading solutions: duality makes us look for downward signals to 1.2327 and upward signals to 1.2269.

Aleksey Panasenko
FreshForex Analyst
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