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    Daily analysis of GBP/USD for April 20, 2015

    GBP/USD is already doing a pullback at the resistance level of 1.4976 and it's expected to starts forming a bullish pattern. We shouldn't forget the fact about the current overall trend, which is bearish. Now, the pair could fall until the support zone around 1.4820 and look for a testing of 1.4678 in the medium term. The MACD indicator is in positive territory.

    GBPUSDDaily.png

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    On the H1 chart, GBP/USD is looking falling to the support level of 1.4892 where it should find a strong floor in the short term. Anyway, we could expect more strength at 1.4853, because there is the 200 SMA in this time frame. A breakout of that level is likely to invalidate our short-term bullish outlook and GBP/USD could start to ride a strong bearish trend in the medium and long terms.

    GBPUSDH1.png

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    Daily chart's resistance levels: 1.4976 / 1.5125Dailychart's support levels: 1.4820 / 1.4678H1 chart's resistance levels: 1.4979 / 1.5047H1 chart's support levels: 1.4892 / 1.4853

    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 1.4979, take profit is at 1.5047, and stop loss is at 1.4916.

    Felipe Erazo 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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