SimpleFX GBPUSD Chart Analysis: October 1, 2019

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The market continues to move within the green channel, which was built a week ago. The price approached its lower wall, which is the support line. If in the near future we see a rebound from the support level of 1.227, after which the bulls will go above the line of the red moving average, the price will open the way to the resistance level of 1.254, located on the upper bound of the yellow channel.  If we see a breakdown down the level of 1.227, it will become clear that the main influence on the price behavior is the yellow descending channel. In this case, a trend towards the lower bound of this channel and the support level of 1.187 is possible.

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