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Bullish trap is possible

Bullish trap is possible | 09 January 2017

09 January 2017, GBP/USD

Daily chart: the pair intends to decline towards 1.2093 (lower Bollinger band). ADX is very active, so bearish advantage is obvious.

Bullish trap is possible

Н4: here ADX is aggressive too, so support level on lower Bollinger band (1.2184) doesn't look solid and is definitely under the pressure.

Bullish trap is possible

Н1: there is bullish pinbar on lower Bollinger band (1.2166), it may give buyers some pips. However, both lower Bollinger band (which is continuing to decline), and trend ADX show continuing decline.

Bullish trap is possible

Expectations: wait for upward rollback (supposedly to 1.2200-1.2240) and later decline towards 1.2093

Solutions: look for downward entry points towards 1.2093

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