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Corridor 1.2164 - 1.2251

17 October 2016, GBP/USD

Daily chart: a continued consolidation around ​​the lower Bollinger band (1.2103), which, nevertheless, plays into the hands of the sellers. At the same time, they need to somehow solve the problem of oversoldness. Until then we can not exclude a full correction. But buying is inappropriate when ADX is so aggressive.

Н4: a local flat corridor inside Bollinger envelopes (1.2126 - 1.2301). ADX is corrective, but it is in the active zone, so fishers of corrections have to be careful here.

Н1: a better shaped более local flat corridor 1.2164 - 1.2251. Here ADX is weak, and the lower Bollinger band showed stability. Therefore, we can not exclude the ascending phase to 1.2251, where it will be possible to sell again.

Expectations: rise to 1.2251 and then decline to 1.2164 and possibly, 1.2126

Solutions: looking for sale in the area of 1.2251

Aleksey Panasenko
FreshForex Analyst
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