Forex Technical Analysis: Trend potential – Pound. Marking Daily Range

GBPUSD – FlatDaily chart: the tendancy of price spin around middle Bollinger band continues (1.2422, see yellow area). ADX is quite weak, that’s why the situation is highly unlikely to change today. Н4: We localize the side range within Bollinger bands’ area. Support line is 1.2319, resistance line – 1.2525 (lower and upper Bollinger bands respectively). However, we might see that here ADX is located in the upper parameters, that’s why “surprises” such as moves beyond the marked corridor range might be expected. Н1: another local corridor narrowed by Bollinger envelopes – 1.2380-1.2470. ADX is weak and corrective. So the forecast leans toward flat. Expectations: a flat day within the corridor 1.2380-1.2470 Trading solutions: consider cautios trading in both directions within the corridor 1.2380-1.2470.
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