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Daily analysis of GBP/USD for November 04, 2015

GBP/USD made a rebound around the 200 SMA price zone on H1 chart. Now it's trying to break again the support level of 1.5415. It seems there is a bullish consolidation ongoing, because the current structure is still calling for more upsides. However, if the Cable does a breakout at the 1.5368 level, then it's expected to test the 1.5300 psychological level in the short term. MACD indicator is still on the positive territory.

GBPUSDH1.png

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H1 chart's resistance levels: 1.5461 / 1.5492

H1 chart's support levels: 1.5415 / 1.5368

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5415, take profit is at 1.5368, and stop loss is at 1.5461.



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