Continuing flat in 1.2407-1.2530 range | 22 February 2017
22 February 2017, GBP/USD
Daily chart: the pair is still in flat corridor within Bollinger envelopes (1.2400-1.2619). Bollinger bands are narrowing down, which can indicate preparing distribution of accumulated volumes.
Н4: more localized flat corridor of 1.2400-1.2530. ADX is passive, so there is no trend potential and this corridor is likely to retain during the day.
Н1: there is valid resistance level around 1.2530 (upper Bollinger band). Support levels are around 1.2468 and 1.2407 (middle and lower Bollinger bands).
Expectations: touch of 1.2530 followed by drop to 1.2468 and 1.2407 region
Solutions: consider selling from 1.2530 towards 1.2468 and 1.2407
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.
