Buying Pound at 1.2357-1.2379 | 20 February 2017

Daily chart: we see a strong support level around lower Bollinger band (1.2357), considering weak ADX, this support will cause flat inside lower Bollinger envelope (1.2357-1.2503)

Н4: more localized support level is at 1.2391 (lower Bollinger band and round level 1.2400 region). ADX is very weak, so the whole area of support at 1.2357-1.2391 is likely to be insurmountable for sellers.

Н1: another support level is at 1.2379 (lower Bollinger band). Here ADX is growing but still far from trending. So we will take scenario of rebound from 1.2357-1.2379 to 1.2453 region (middle Bollinger band) as more realistic.

Expectations: decline towards 1.2357-1.2379 and then rebound to 1.2453.

Solutions:

1. Consider buying from 1.2357-1.2379 to 1.2453.