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Daily analysis of GBP/USD for May 20, 2015

GBP/USD is extending losses on the daily chart, because we observe a kind of consolidation below the 200 SMA. The pair is pointing to a fall until the support level of 1.5346 in coming days. That pullback, mentioned in the recent articles, has already advised us about the possibility of a bearish continuation for the medium term.

GBPUSDDaily.png

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GBPUSDH1.png

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Daily chart's resistance levelsDailychart's support levelsH1 chart's resistance levelsH1 chart's support levels

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 1.5443, take profit is at 1.5355, and stop loss is at 1.5533.



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