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Northern accumulation

16 September 2016, GBP/USD

Daily chart: yesterday bulls did not allow the price to test the lower Bollinger band, indicating that the overall structure is maintaining northern character. But ADX is completely passive and corrective, so the upward movement may be multi-directional.

Northern accumulation

Н4: local resistance is at the middle Bollinger band (1.3241). ADX contradicts to RSI, so this level may drop the pair below. If bulls break through into the top envelope, they will open a way to 1.3344 (upper Bollinger band)

Northern accumulation

Н1: very active ADX, which can relate both to bulls and bears. But the overall advantage on all three frames belongs to buyers. Resistance 1.3274 (upper Bollinger band) may be under load.

Northern accumulation

The main scenario - growth to 1.3274

The alternative scenario - a breakthrough even higher to 1.3344 (extraday)

Trading solutions: buy towards 1.3274 and 1.3344.

Aleksey Panasenko
FreshForex Analyst
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