Consider selling towards 1.2070 | 10 January 2017
10 January 2017, GBP/USD
Daily chart: ADX is in trend state, it still gives bears positional advantage. There is strong support level on lower Bollinger band (1.2070) but it seems that this level may soon be under the pressure.
Н4: we are observing heavily oversold market but it's still highly likely that level of 1.2070 (lower Bollinger band) will be touched considering active ADX
Н1: here we see quite similar situation: the pair stayed in horizontal range of 1.2132-1.2179, while ADX regained its strength and now it is ready for further drop again.
Expectations: we would expect decline towards 1.2070
Trading solutions: consider selling towards 1.2070
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.
