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Downside Breakout of 1.2434 will Trigger 100-pip Drop

Downside Breakout of 1.2434 will Trigger 100-pip Drop | 29 March 2017

29 March 2017, GBP/USD

Daily chart: bears are free to implement correction, as bulls didn't manage to break upper Bollinger envelope, and now there is plenty of space for drop up to level of 1.2084

Downside Breakout of 1.2434 will Trigger 100-pip Drop

Н4: here support level around lower Bollinger band (1.2434) protects the pair from 100-pip drop to 1.2331 region (middle Bollinger band).

Downside Breakout of 1.2434 will Trigger 100-pip Drop

Н1: there is a valid support level at 1.2434 but ADX is trending, so bears may break it and go further down (see purple arrow)

Downside Breakout of 1.2434 will Trigger 100-pip Drop

Expectations:

Core scenario - drop to 1.2331

Alternative scenario - rebound from 1.2434

Trading signals: consider looking for downward entry points to 1.2331

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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