Bulls have chance for correction | 28 December 2016

28 December 2016, GBP/USD

Daily chart: there is a weird situation, when a very active ADX does not influence price chart, and bulls can force an easy upward correction towards middle Bollinger band (1.2466)

Bulls have chance for correction

Н4: locally we see attempts to reverse trend up. If buyers manage to break resistance level 1.2308 (upper Bollinger band), they will be able to go towards 1.2466.

Bulls have chance for correction

Н1: there is a local bullish ADX pressure. The market is not stable, so many signals might be false. However, from the technical point of view, we can confirm H4 chart conclusions: if the pair goes higher than 1.2308, uptrend hopes might come true.

Bulls have chance for correction

Expectations:

Core scenario - a shift to break 1.2308, and later going back to 1.2272 and then again a new shift up.

Alternative scenario - flat in 1.2272-1.2308

Solutions: buy from 1.2272

Aleksey Panasenko
FreshForex Analyst
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