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Daily analysis of GBP/USD for August 14, 2015

On the daily chart, the sideway trade is dominating the dynamic of GBP/USD, which continues to be trapped below resistance zone of 1.5640, but still trading above 200 SMA. However, a breakout over there will push the pair higher to test the next resistance around the 1.5761 level. MACD indicator is on the positive territory.


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The resistance at the 1.5632 level is still rather strong on an intraday basis and the cable is falling further until the 200 SMA on H1 chart. Besides, GBP/USD seems to find dynamic support there and it could start to do rallies above the 1.5632 level until 1.5679. GBP/USD is still keeping the bullish momentum.


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Daily chart's resistance levels: 1.5640 / 1.5761

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5632 / 1.5679

H1 chart's support levels: 1.5587 / 1.5545

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5632, take profit is at 1.5679, and stop loss is at 1.5541.

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