06 March 2017, GBP/USD
Daily chart: here we have unclear situation. On the one hand, ADX is very aggressive indicating trend continuation. On the other hand, on Friday the pair shot to the upside following pinbars beyond Bollinger envelopes (that suggests correction or reversal). We, therefore, have some space between levels 1.2204 and 1.2438 for active attempts to break further.
Н4: intermediate resistance level is around 1.2305 (middle Bollinger band). If bulls manage to break higher, we are likely to see new drop towards 1.2204 (lower Bollinger band, see dark arrow). If the pair reaches upper envelope, we expect the pair to rise to 1.2400 region (upper Bollinger band, see red arrow).
Н1: this time frame set-up matches the previous ones. Resistance level at 1.2305 may allow the pair to move towards 1.2438. Otherwise, we may expect drop towards support levels at 1.2260 and 1.2217.
Expectations:
Core scenario - drop from 1.2305 to 1.2217
Alternative scenario - rise to 1.2438 (in case of upward breakout of 1.2305)
Solutions:
1. Consider selling from 1.2305 to 1.2217
2. Consider buying at breakout towards 1.2305 aiming at 1.2438.
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