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Decline from 1.5226 will probably continue

Decline from 1.5226 will probably continue | 12 November 2015

12 November 2015, GBP/USD

The daily chart: technical correction in the direction of the middle Bollinger band (1.5323). We remember the earlier broken bottom envelope, so we're waiting for start of new sales

Н4:local strong resistance 1.5213 (upper Bollinger band). If it is broken - the price will initiate a further growth to 1.5323. Total goal - 1.5017 (the bottom Bollinger band)..

Н1: the first signs of divergence of oscillator. Bulls are weakening. You have to be prepared for the fact that the resistance of 1.5226 (upper Bollinger band) will not be covered.

Expectations: The main scenario - decline from 1.5226 to 1.5017. The alternative scenario - rise to 1.5323 and then fall towards 1.5017.

solutions: 1) Sales from 1.5226 to 1.5017

Aleksey Panasenko
FreshForex Analyst
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