Horizontal corridor for today | 16 November 2016
16 November 2016, GBP/USD
Daily chart: support from the middle Bollinger band (1.2348) is very close. It will be determine overall bullish potential, as depth of correction has been reached. ADX/RSI also votes for a corrective nature of decline.
Н4: a local horizontal range 1.2372-1.2605 (the range of Bollinger bands)
Н1: a horizontal corridor inside Bollinger bands - 1.2382-1.2510 - is even better shaped. ADX behavior makes the conservation range and its breakthrough equally probable, cause it is growing, but has not reached the trend value yet.
Expectations: the corridor 1.2382-1.2510 will be maintained for today
Solutions: trade inside the corridor 1.2382-1.2510
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.
