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Looking for downward entry points

29 June 2016, GBP/USD

Daily chart: the bullish inside bar was obtained, which opens opportunities for buyers for correction to the middle Bollinger band (1.4268). How let's see if they take advantage of this situation.

Looking for downward entry points

Н4: local resistance 1.3662 (middle Bollinger band) could send the pair to test the lower band (1.2582)

Looking for downward entry points

Н1: At the local level the pair may drop from current levels because ADX is rising and is close to the trendline area and there is no bullish momentum.

Looking for downward entry points

The main scenario - a drop from current levels towards 1.2582

The alternative scenario - surge to 1.3662 followed by decline

Trading solutions: look for additional Sell signals either from current levels or after a rollback to the zone 1.3662.

Aleksey Panasenko
Analyst of «FreshForex» company
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