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An upward pullback is possible, but NO purchases

01 October 2015, GBP/USD

The daily chart: very active ADX, so there are big doubts about strength of the support 1.5051 (Lower Bollinger Band)

An upward pullback is possible, but NO purchases

Н4: Local support at 1.5118 (Lower Bollinger Band) plus inactive ADX here. Possible correction to the middle band (1.5169)

An upward pullback is possible, but NO purchases

Н1: a little more localized levels of support and resistance: 1.5108\1.5149

An upward pullback is possible, but NO purchases

Expectations: trading within the range 1.5108-1.5149 as preparation for the attack of support 1.5051, which is likely to be successful.

solutions:

1) NO purchases! Sell ​​on corrections (in the zone of 1.5149) with the targets 1.5108, 1.5051 and (in the medium run) even lower.

Aleksey Panasenko
Analyst of «FreshForex» company
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