SimpleFX GBPUSD Chart Analysis: October 16, 2019

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The market is growing rapidly within the ascending yellow channel. Given the fact that the price went well above the moving average, we can conclude that the bulls are very strong, and they may well raise the price to the upper yellow bound and the resistance level of 1.2913. Then, after the rebound from this level, we may see a trend reversal and the beginning of a smooth downward movement in the direction of the lower yellow bound. Given that the downward movement will occur in the opposite direction to the slope of the channel, it is unlikely that the decline will be rapid. In the case of a break above the resistance level of 1.2913, the downward scenario can be canceled.

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