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Search for downward signals around 1.2436

11 October 2016, GBP/USD

Daily chart: the day was closed with the bearish inside bar that, against trend activity of ADX, means willingness of sellers for a new attack with an eye to 1.20 or lower in the medium term. Thus, the pair is heavily oversold, so it will not do without correction.

Search for downward signals around 1.2436

Н4: local resistance is 1.2525 (middle Bollinger band). Support is at 1.2231 (lower band), but it is likely to be under a load, because ADX is very strong. However, this chart shows that the pair is heavily oversold.

Search for downward signals around 1.2436

Н1: at this local frame the pair is consolidated within a horizontal range of 1.2342-1.2436 (Bollinger envelopes). Today, perhaps, trading inside this corridor will continue, as ADX within this frame is weak and correcting.

Search for downward signals around 1.2436

The main scenario - flat within the range of 1.2342-1.2436

The alternative scenario - decline towards 1.2231

Solutions: search for downward signals to 1.2436.

Aleksey Panasenko
FreshForex Analyst
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