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Upward potential

Upward potential | 13 December 2016

13 December 2016, GBP/USD

Daily chart: upward pressure is strengthening, but as long as ADX is not in trend, resistance level 1.2750 (upper Bollinger band) would hold. If bulls manage to break this level, there would appear potential of 500-pip upward shift.

Upward potential

Н4: local resistance levels are 1.2693 and 1.2750. However, here we can already notice strong ADX, so it is highly probable that there would be an upward breakout.

Upward potential

Н1: support level is localized in 1.2634 (middle Bollinger band). Here is where the best entry point for buying is.

Upward potential

Expectations: rise towards 1.2750 (prior to that a touch in 1.2634 is possible)

Solutions: wait for a rollback to 1.2634 and buy up to 1.2760.

Aleksey Panasenko
FreshForex Analyst
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