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Bulls Trying to Protect 1.2461 at Risk

Bulls Trying to Protect 1.2461 at Risk | 24 March 2017

24 March 2017, GBP/USD

Daily chart: bulls didn't manage to reach upper Bollinger band (1.2590), and we will see on Monday whether today session will be closed with inside bar or not. However, it is clear that if we see bearish inside bar, the pair may start dropping towards 1.2094 (lower Bollinger band).

Bulls Trying to Protect 1.2461 at Risk

Н4: support levels are at 1.2461 and 1.2368 (middle and lower Bollinger band). Breakout of the first support level may trigger smooth reversal.

Bulls Trying to Protect 1.2461 at Risk

Н1: here support area of 1.2461-1.2472 looks solid, so bulls may try to protect it, but we also see aggressive trend ADX which indicates growing bearish potential.

Bulls Trying to Protect 1.2461 at Risk

Expectations:

Core scenario - drop to 1.2425 region or lower to 1.2368

Alternative scenario - rebound from 1.2461-1.2472 to 1.2536.

Trading signals:

1. consider buying from 1.2461-1.2472 (in case of long signals)

2. Consider selling at breakout of 1.2461 to 1.2425 and 1.2368.

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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