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    Daily analysis of GBP/USD for April 06, 2015

    There is still a high risk of more bullish moves on the daily chart because the GBP/USD pair is trying to break the resistance zone around 1.4948 in order to reach the next target at 1.5086. Also, the GBP/USD pair is getting some bearish pressure from that resistance, so there is a possibility that the pair continue to move downwards on the par in the medium and long terms.


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    As we noted in our previous article about GBP/USD, this pair has already consolidated above the 200 SMA in the H1 chart forming a bullish pattern below the resistance level at 1.4921. A breakout of that level is going to lead to more bullish moves to the zone around 1.4968, because the GBP/USD is already forming a higher high pattern. Anyway, because of the overall bearish trend, we expect a pullback at the current levels.


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    Daily chart's resistance levels: 1.4948 / 1.5086Dailychart's support levels: 1.4820 / 1.4649H1 chart's resistance levels: 1.4921 / 1.4968H1 chart's support levels: 1.4842 / 1.4774

    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 1.4842, take profit is at 1.4774, and stop loss is at 1.4912.

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

    Uitgevoerd door, Analytische expert
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