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Expecting Rise to 1.2572 and Downside Correction

Expecting Rise to 1.2572 and Downside Correction | 22 March 2017

22 March 2017, GBP/USD

Daily chart: the pair may still rise to upper Bollinger band region (1.2572). ADX shows growing trend, which may mean that bulls are planning attack.

Expecting Rise to 1.2572 and Downside Correction

Н4: resistance level at 1.2500 doesn't seem that strong considering aggressive trend ADX. Bulls are likely to break 1.2572 today. However, let's not forget about possible correction - oscillator shows divergence.

Expecting Rise to 1.2572 and Downside Correction

Н1: there is price rotation area within Bollinger envelopes (1.2453-1.2499). Oscillator also shows divergence, which matches expectations of general bullish weakening.

Expecting Rise to 1.2572 and Downside Correction

Expectations: rise to 1.2572 followed by downside correction.

Solutions:

1. Consider buying to 1.2572

2. Consider setting sell limit orders from 1.2572

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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