Flat stage before upward reversal | 21 December 2016
21 December 2016, GBP/USD
Daily chart: ADX strengthens, that threatens support level 1.2311 around lower Bollinger band. However, ADX is not in trend yet, so we may expect upward rebound.
Н4: bullish oscillator convergence indicates that bears are weakening and predicts reversal towards resistance levels 1.2418 and 1.2512 (middle and upper Bollinger band respectively)
Н1: flat corridor is inside Bollinger bands (1.2324-1.2418). ADX is passive, so we might consider, that today's trades won't go beyond specified borders.
Expectations: flat in 1.2324-1.2418
Solutions: buy in the range from 1.2324 to 1.2418
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.
