07 March 2017, GBP/USD
Daily chart: ADX still supports trend, so bears may plan another attack (if support level at 1.2217 is broken) taking the quotes down by another 100 pips towards 1.2119.
Н4: here we are observing bearish momentum along with support level at 1.2217 and active ADX. At the moment consider only selling!
Н1: this is the third bearish frame. ADX is growing, but hasn't reached its peak yet. So there is a chance for rollback to middle Bollinger band region (1.2248) after the lower envelope would be broken (1.2217, see red arrow). At such course of events, we may consider selling from 1.2248 to 1.2119.
Expectations: there is a good chance of lower Bollinger envelope breakout (slipping below 1.2219) followed by return to 1.2248 and new decline to 1.2119.
Expectations: consider selling from 1.2248 to 1.2119.
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