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An outright bullish trend, but with a high probability of a downward rollback

An outright bullish trend, but with a high probability of a downward rollback | 03 May 2016

03 May 2016, GBP/USD

Daily chart: a very strong trend ADX can not stop bulls. There is a high probability of growth to 1.4870.

An outright bullish trend, but with a high probability of a downward rollback

Н4: On the local levels the pair is overbought, oscillator is showing signs of divergence, so we can not rule out a correction to even out indicators. The nearest resistance - "round level" 1.48.

An outright bullish trend, but with a high probability of a downward rollback

Н1: bulls are attacking the upper envelope. If the current hour will be closed in this way, we will have another local northern signal. Local support for a possible rollback - 1.4671 (the middle Bollinger band)

An outright bullish trend, but with a high probability of a downward rollback

Expectations: now we are waiting for growth to 1.48-1.4850 and then a pullback towards 1.4671

Trading solutions: we are looking for buying options around 1.4671 and selling options around 1.4800 (if there is a short-form signals on H1)

Aleksey Panasenko
FreshForex Analyst
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