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    EUR/USD Wave Analysis for May 1, 2012

    Now, the GBP/USD is showing strong wekaness in the major time frames, as the pair is currently finding support at the level of 1.5247. Bears could continue dominating the main bias, and if GBP/USD breaks that support zone, the next target would be the level of 1.5086. Moreover, we cannot discard a rebound at the current territory because the pair is oversold on the lower charts.

    GBPUSDDaily.png

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    On the H1 chart, the GBP/USD is forming a lower low pattern in order to reach the support level of 1.5202 in the short term. Also, the 200 SMA is showing us the current bears power, as it's pointing to the downwards. The price action in this time frame probably is forecasting an imminent retracement to 1.5270 in the coming hours.
    GBPUSDH1.png

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    Daily chart's resistance levels: 1.5761 / 1.5957 Dailychart's support levels: 1.5491 / 1.5247 H1 chart's resistance levels: 1.5340 / 1.5413 H1 chart's support levels: 1.5257 / 1.5202

    Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick. The support level is at 1.5257, take profit is at 1.5202, and stop loss is at 1.5313.

    Alexander Dneprovskiy neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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