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Bearish pressure, but there is a room for correction

Bearish pressure, but there is a room for correction | 16 December 2015

16 December 2015, GBP/USD

The daily chart: bears are actively involved in the new phase of decline. There is a good chance that the bottom Bollinger band (1.4960) will be finalized.

Bearish pressure, but there is a room for correction

Н4: the bottom envelope is broken - also a southern karma.

Bearish pressure, but there is a room for correction

Н1: intermediate support 1.5004, from where a correction may pass to the middle band (1.5114).

Bearish pressure, but there is a room for correction

Expectations: The main scenario - touch of 1.5004 and correction to 1.5114, and then fall to 1.4960

The alternative scenario - a direct fall to 1.4960

Trading solutions: 1) When we have a Long signal around 1.5004 and 1.4960 - we should buy to 1.5114. 2) On growth to 1.5114 - we should sell to 1.5004 and 1.4960

Aleksey Panasenko
FreshForex Analyst
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