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Zone of possible supply on the Pound is 1.408

24 February 2016, GBP/USD

Daily chart: ADX is active and bottom Envelope is being broken through. Pair is going to go under 1.40, but uprising correction line is possible in direction of middle Bollinger line (1.4366) according to the rules of working off such setups.

Zone of possible supply on the Pound is 1.408

Н4: ADX is also very active and Envelopes are expanded. We are waiting support breakthrough in 1.3994.

Zone of possible supply on the Pound is 1.408

Н1: local bulls oscillator convergence is allow to consider on turn back to middle Bollinger line (1.4086), we can sell from this level.

Zone of possible supply on the Pound is 1.408

Expectation: upward correction to 1.4086 and then decrease to 1.3950

Trading decisions: sell from 1.4086 to 1.3950

Aleksey Panasenko
FreshForex Analyst
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