31 January 2017, GBP/USD
Daily chart: we are observing downside flat. The pair moves inside upper Bollinger envelope (1.2348-1.2675), so the price may be expected on middle Bollinger band (1.2348)
Н4: bears try to implement downside reversal under head and shoulders pattern but ADX is weak and not supportive of such attempts. So we are expecting the price to move inside lower Bollinger envelope range (1.2458-1.2553) slipping to the downside which drives buying out of the question.
Н1: local support region is 1.2458-1.2468. Resistance is at 1.2500, 1.2534 (middle and upper Bollinger band). ADX doesn't have potential for downside breakout.
Expectations: we are expecting the pair to touch 1.2458 and then roll back towards 1.2500-1.2534.
Solutions: consider trading inside 1.2458-1.2534 corridor. Selling is more recommended.
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