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There are trading levels for both buying and selling

There are trading levels for both buying and selling | 08 December 2016

08 December 2016, GBP/USD

Daily chart: support level 1.2519 (middle Bollinger band) is not touched yet, if it would be touched, opening long positions in direction of upper band (1.2727) might be appropriate.

There are trading levels for both buying and selling

Н4: localized support level 1.2579 (lower Bollinger band) is quite steady yet and is showing signs of possible bullish 140-pip upward shift.

There are trading levels for both buying and selling

Н1: local bullish pattern Over&Under with upward entry point in 1.2579. The goal is resistance level 1.2680 (upper Bollinger band)

There are trading levels for both buying and selling

Expectations:

Core scenario - at first, downward rollback to 1.2579 and then rapid growth towards 1.2680

Alternative scenario - growth to 1.2680 and only after it a downward rollback to 1.2579.

Solutions:

1. Buy in the range of 1.2579 - 1.2680

2. Sell in the range of 1.2680 - 1.2579

Aleksey Panasenko
FreshForex Analyst
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