24 March 2017, GBP/USD
Daily chart: bulls didn't manage to reach upper Bollinger band (1.2590), and we will see on Monday whether today session will be closed with inside bar or not. However, it is clear that if we see bearish inside bar, the pair may start dropping towards 1.2094 (lower Bollinger band).
Н4: support levels are at 1.2461 and 1.2368 (middle and lower Bollinger band). Breakout of the first support level may trigger smooth reversal.
Н1: here support area of 1.2461-1.2472 looks solid, so bulls may try to protect it, but we also see aggressive trend ADX which indicates growing bearish potential.
Expectations:
Core scenario - drop to 1.2425 region or lower to 1.2368
Alternative scenario - rebound from 1.2461-1.2472 to 1.2536.
Trading signals:
1. consider buying from 1.2461-1.2472 (in case of long signals)
2. Consider selling at breakout of 1.2461 to 1.2425 and 1.2368.
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