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Flat stage before upward reversal

Flat stage before upward reversal | 21 December 2016

21 December 2016, GBP/USD

Daily chart: ADX strengthens, that threatens support level 1.2311 around lower Bollinger band. However, ADX is not in trend yet, so we may expect upward rebound.

Flat stage before upward reversal

Н4: bullish oscillator convergence indicates that bears are weakening and predicts reversal towards resistance levels 1.2418 and 1.2512 (middle and upper Bollinger band respectively)

Flat stage before upward reversal

Н1: flat corridor is inside Bollinger bands (1.2324-1.2418). ADX is passive, so we might consider, that today's trades won't go beyond specified borders.

Flat stage before upward reversal

Expectations: flat in 1.2324-1.2418

Solutions: buy in the range from 1.2324 to 1.2418

Aleksey Panasenko
FreshForex Analyst
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