01 December 2016, GBP/USD
Daily chart: the pair is still moving around upper Bollinger envelope (with the border of upper band in 1.2605). However, ADX is obviously active, although it has not reached trend yet.
If buyers break this border, an essential upward potential will be possible (up to 1.3376). All the more since NFP is to be published tomorrow...
Н4: there is no potential for an upward breakout, but there is already certain tension. Resistance levels are 1.2560, 1.2605. Support level is 1.2472 (middle band)
Н1: more localized accumulation range is 1.2502-1.2554 (upper Bollinger envelope's borders). Here ADX is very agressive - it is in extreme range, which might show correction potential.
Expectations:
Core scenario - trading inside the range of 1.2502-1.2554
Alternative scenario - breakout to 1.2605
Solutions: it is too late to buy and early to sell. Consider wait-and-see stand or switching to short timeframes for short-term trading.
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