13 March 2017, GBP/USD
Daily chart: Today we have unloved 50/50 situation. Lower Bollinger band (1.2100) is still untouched and there are signs of upcoming correction to the upside to middle Bollinger band region (1.2372). Defining risks, we are in no situation for trading. Besides, considering aggressive ADX we my expect choppy moves on the chart.
Н4: here from the first sight, everything seems more or less calm: envelopes are steady, ADX is falling. However, there signs of oscillator convergence and momentum is bullish at some levels. Trading range is 1.2140-1.2204 shifting beyond this range may be treated as one of the scenarios development.
Н1: bulls gather potential for pushing the price up in 1.2168-1.2204 area.
Expectations:
Core scenario - rise from 1.2168 to 1.2204 (or higher).
Alternative scenario - if the price drops lower than 1.2168 - further drop to 1.2100.
Solutions:
1. Consider buying from 1.2168 to 1.2204 (aiming at 1.2372 extraday).
2. Consider selling by breakout (sellstop) of 1.2168 aiming at 1.2100.
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