01 Februari 2017, GBP/USD
Daily chart: at the moment the pair is within upper Bollinger envelope range (1.2377-1.2700). There is bullish momentum but ADX is very passive. That's why we are expecting flat.
Н4: the pair is inside flat corridor of 1.2448-1.2619 (Bollinger envelopes range). Here we also have reversal Over&Under pattern but not very strong. We would, of course, appreciate more clear arguments for downside reversal. That's why see what happens to support level at 1.2448. If it is weak, bears will get positional advantage for further decline.
Н1: here we are observing bullish Over&Under with upward entry point at 1.2464. ADX is growing and is close to trend. Well, that's a tough day full of traps and contradictions.
Expectations:
Core scenario - decline to 1.2464 and later rise towards 1.2619
Alternative scenario - downside breakout of 1.2448 and further decline to 23 region
Solutions:
1. Consider selling to 1.2464
2. Consider buying from 1.2464 to 1.2619. Stops are lower than 1.2400
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