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Two ways are possible for today

20 October 2016, GBP/USD

Daily chart: the pair is in the middle of the bottom Bollinger envelope (1.1932-1.2605), which makes forecasting very uncomfortable, cause the price can move to the middle (1.2605) and the lower band (1.1932) with equal probability.

Н4: at this local frame, ADX parameters jave a trend active status. Accumulation of potential looks like bullish, so after breaking the upper envelope (1.2340) finalization of 1.2605 will be expected. If the middle band (1.2239) does not withstand, we will see movement down to 1.1932.

Н1: at this local frame, the pair is in a horizontal non-directional corridor within envelopes (1.2260-1.2308). ADX is rising, but is still far from the active zone, so it is possible that the day will be spent within this range.

The main scenario - growth to 1.2605

The alternative scenario - flat 1.2260-1.2308

Trading solutions: consider buying in the area of ​​1.2260

Aleksey Panasenko
Analyst of «FreshForex» company
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