Consolidation

02.02.2021

Daily chart: the pair is balancing on the middle Bollinger band (1.3654), which keeps the market from falling into the lower envelope and, accordingly, protects the uptrend. ADX is in the weak zone, so a downside breakdown is unlikely.

Н4: local Bollinger bands keep trading sideways. The pound will get support in the 1.3654 zone, resistance – at 1.3700 and 1.3749 (middle and upper Bollinger bands).

Н1: on the hourly chart, the pair is consolidating in the range 1.3654-1.3697 (Bollinger envelope size), against the background of the absence of trend dynamics from the ADX. This suggests that trend will probably continue.

Conclusions: flat in the range 1.3654-1.3697.
Trading decisions: short-term deals in the corridor 1.3654-1.3697.