Dynamic support at the lower Bollinger band grows for almost 30 pips a day, that tells about consolidative mode of the market in favor of probable accumulation of bullish potential. Yesterday’s session closed in the middle of the lower Bollinger bands range, therefore we are likely to see a flat market, which will leave for a weekend under the middle band (1.2981).
Strong local resistance at the 1.2963 region (middle Bollinger band) is able to send the pound to one more downward wave to the area of lower band (1.2891). At the same time ADX indicator lacks breaking potential, therefore we are talking about consolidation of the market between the two mentioned levels.
Extremely weak and passive ADX tells about high probability of flat around the middle Bollinger band (1.2947) within the range of the bands (1.2905-1.2981).
So, today we have a flat daily forecast. Trading range is limited by the 1.2905-1.2981 levels.
Looking for short-term trades inside the 1.12905-1.2981 channel.