Pound. The decline may begin at any time | 28 October 2016

28 October 2016, GBP/USD

Daily chart: bears, obviously, again pull the wheel from the market bulls. Now there are all prerequisites to a fresh start down towards the lower Bollinger band (1.1871).

28102016p1

H4: the narrowing of the Bollinger envelopes happens on insufficient ADX parameters, so the flat can theoretically be continued. But we must be ready for the start of decline.

28102016p2

H1: local support is at the lower Bollinger band (1.2128), the resistance - 1.2184 (middle Bollinger band).

28102016p3

Expectations: decline to 1.2128 (perhaps after touching 1.2184).

Trading solutions: sales from 1.2184 to 1.2128.

The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.

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Aleksey Panasenko

FreshForex Analyst

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