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Control resistance level - 1.2265

14 October 2016, GBP/USD

Daily chart: the last day was closed by a second bullish inside bar in a row at high price, which opens the possibility of correction to 1.2801 (middle Bollinger band), but such intense activity of ADX may mean that bears are preparing for a consolidation

Н4: much better shaped level of resistance around ​​the upper Bollinger band (1.2419) gives the potential for a downward bounce.

Н1: another resistance level - 1.2265 (upper Bollinger band and Н4 middle bands are merged). If bulls get above, the way to 1.2419 will open. Support is on the middle band (1.2197)

The main scenario - a break above 1.2265 and start of the movement to 1.2419

The alternative scenario - touch of 1.2265 and a downward rollback to 1.2200

Trading solutions:

1 Buy trades aimed at break of 1.2265 to 1.2419

2. Sales from 1.2265 to 1.2200

Aleksey Panasenko
Analyst of «FreshForex» company
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