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Up move potential of 200 pips

Up move potential of 200 pips | 24 January 2017

24 January 2017, GBP/USD

Daily chart: there occurred upper Bollinger envelope break, this is a distinct bullish signal. However, ADX hasn't reached trend state yet, so there is still chance of preliminary downside rollback towards 1.2300 (middle Bollinger band). Buyers' target is in 1.2658 region.

Up move potential of 200 pips

Н4: We are observing a very aggressive ADX along with overbought oscillator. That's a big question whether bulls will allow price correction to middle Bollinger band (1.2360).

Up move potential of 200 pips

Н1: there is localized support in 1.2463 region (middle Bollinger band). If bullish potential will be confirmed, pound is highly unlikely to slop lower

Up move potential of 200 pips

Expectations: rise towards 1.2658 (possibly following touching 1.2463)

Solutions: consider buying towards 1.2658 (the best entry point may be 1.2463)

Aleksey Panasenko
FreshForex Analyst
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