09 March 2017, GBP/USD
Daily chart: as expected decline continues towards strong support in region of 1.2084-1.2100. ADX is very active and questions bullish ability to prevent downtrend. We will find that out soon enough.
Н4: the price is inside lower Bollinger envelope (1.2124-1.2210). We also observing aggressive ADX at its extremes. Moreover, there are signs of bullish oscillator convergence. That matches bears weakening expectations.
Н1: more localized flat is in 1.2146-1.2177 (Bollinger bands range)
Expectations: we expect the price to continue declining, touch 1.2084-1.2100 region and, perhaps, rebound in mid-term
Solutions:
1. Consider selling from 1.2177 to 1.2146, 1.2100, 1.2084
2. Consider looking for upward signals in 1.2084 region
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