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Still preparing to reverse downward

Still preparing to reverse downward | 30 December 2016

30 December 2016, GBP/USD

Daily chart: Bollinger middle band (116.08) predictably acted as supporting, but apparently, this support will fail to create a new full upward wave. A downward reversal is almost a settled thing. The medium-term goal seems to be the lower Bollinger band (112.80)

Н4: a strong local resistance around 117.07 (middle Bollinger band, plus all the psychological level). To release potential of the trend, bears need to break through support 116.08.

Н1: flat 116.22-117.07. Thin market can provide volatile surprises, buttrading inside this range is also a very probable scenario for the coming holidays.

The main scenario - flat 116.22-117.07

The alternative scenario - a breakthrough for support 116.08 and a fall to the 115th figure.

Trading solutions: sales from 117.0

Aleksey Panasenko
FreshForex Analyst
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