Attractive 1.2250 | 23 December 2016

23 December 2016, GBP/USD

Daily chart: ADX is in trend and now the price might shift beyond lower Bollinger envelope (support level 1.2251 breakout)

Attractive 1.2250

Н4: there is bullish convergence, it means that it's time to correct price up to 1.2346 or even to 1.2418 (middle and upper Bollinger bands).

Attractive 1.2250

Н1: local support level is on lower Bollinger band (1.2257), local resistance level, here is where correction will go, is 1.2346 (upper Bollinger band).

Attractive 1.2250

Expectations:

Core scenario - touch of 1.2257 and later rise towards 1.2346

Alternative scenario - decline to 21st number (in case of 1.2251 breakout)

Solutions:

1. Buy from 1.2257 with short stops towards 1.2346

2. Sell at 1.2251 breakout.

Aleksey Panasenko
FreshForex Analyst
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