We consider a blind separation problem for undetermined mixtures of two BPSK signals in a multi-path fading channel. We use independence and frequency diversity of the two source signals to identify mixture parameters, estimate Pulse Shaping Filters (PSF) and channel responses, as well as to extract both binary sequences from only one observation. Presented method uses gradient descent algorithm to directly adopt the symbols, which are then used as feedback sequence for PSF roll-off factor identification as well as for channel equalization.