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Consider buying from the zone 119.90-120.22

Consider buying from the zone 119.90-120.22 | 23 October 2015

23 October 2015, GBP/USD

The daily chart: Yesterday bulls had a very good session having reached the upper Bollinger band (120.87), and thus nullified a previous breakout of the bottom envelope. Now some downward correction is very likely to happen, because ADX parameters are not too active

Н4: a local breakout of the upper envelope. You can buy on correction to the area of the middle Bollinger band (119.90)

Н1:a little more localized support from the middle band (120.17), and the pair may head to the upper band (120.92)

Expectations: So, we wait for a correction down in the zone 119.90-120.17, from where rise up to 120.92 is likely to happen

solutions: We buy from the zone 119.90 - 120.17 to 120.92

Aleksey Panasenko
FreshForex Analyst
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