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    Daily analysis of GBP/USD for May 08, 2015

    The GBP/USD pair is likely to find strong dynamic resistance at the 200 SMA in the daily chart. That could give a good opportunity for mid-term traders to sell the pair on a pullback and ride the overall bearish trend. Anyway, the cautioin should be there yet, because GBP/USD could rally towards the resistance zone of 1.5745.

    GBPUSDDaily.png

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    In the H1 chart, GBP/USD found strong resistance at the level of 1.5530, because sellers are very active in this territory. Now, we could talk about a higher high pattern formation above the 200 SMA, but the fact is that the pair is trying to find a solid bottom and it could be the support level of 1.5307 in the short term.

    GBPUSDH1.png

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    Daily chart's resistance levels: 1.5543 / 1.5745Dailychart's support levels: 1.5371 / 1.5238H1 chart's resistance levels: 1.5472 / 1.5533H1 chart's support levels: 1.5392 / 1.5307

    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 1.5472, take profit is at 1.5533, and stop loss is at 1.5415.

    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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