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The medium-term 600 points' drop

12 July 2016, GBP/USD

Daily chart: the pair is in the middle of the bottom range of envelopes, which complicates search for the best Sell entry points (in terms of stops). The lower Bollinger band fell by more than 100 points, so bears have excellent chances.

Н4: a horizontal consolidation within Bollinger envelopes (1.2895-1.3019)

Н1: we confirm a flat corridor 1.2895-1.3019

Expectations: a descending flat 1.2895-1.3019

Solutions: sell to 1.2895 (1.2339 in the medium-term).

Aleksey Panasenko
FreshForex Analyst
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