1.2200-1.2428 Range | 18 Januari 2017

18 Januari 2017, GBP/USD

Daily chart: ADX is corrective, the pair has faced resistance at 1.2454 (upper Bollinger band). It seems that the pair is going to drop towards 1.2092 (lower Bollinger band), moreover, in this region there is local bullish Over&Under pattern.

1.2200-1.2428 Range

Н4: there is a valid resistance region of 1.2428-1.2454. Support level is localized at 1.2184 (middle Bollinger band). ADX/RSI move in opposite directions, that allows traders to sell from upper border of specified range.

1.2200-1.2428 Range

Н1: the price is trapped between Bollinger envelopes (1.2200-1.2428). ADX is active but corrective. Scenarios are controversial as with EUR/USD.

1.2200-1.2428 Range

Expectations:

Core scenario - touch in 1.2428-1.2454 and then decline towards 1.2200

Alternative scenario - decline towards 1.2200 and then shift up to finish with 1.2428 region

Solutions:

1. Consider selling from 1.2428 to 1.2200

2. Consider buying in 1.2200 region (in case of the alternative scenario).

Aleksey Panasenko
Analis perusahaan "FreshForex"
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