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Selling towards 1.2080

Selling towards 1.2080 | 19 January 2017

19 January 2017, GBP/USD

Daily chart: decline scenario towards lower Bollinger band (1.2080) has proven to be true. Besides, lower Bollinger band is a potential starting point of bullish Over&Under pattern setting ambitious mid-term targets in 1.2650

Selling towards 1.2080

Н4: here we are observing quite similar situation. Bears have positional opportunity to continue decline, however ADX doesn't show needed activity for an impulsive shift. So we are likely to see local barrier in middle Bollinger band region (1.2201)

Selling towards 1.2080

Н1: active trend ADX supports general down move expectations. The target is at 1.2080

Selling towards 1.2080

Expectations:

Core scenario - decline towards 1.2080

Alternative scenario - decline towards 1.2200 and a stop before the next decline stage.

Solutions: consider selling towards 1.2200 and 1.2080

Aleksey Panasenko
FreshForex Analyst
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