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Daily analysis of GBP/USD for May 21, 2015

The pair remains alive on the downside risk in the daily chart, because there is no bullish price action favored at this time and the current structure seems to be telling us about a corrective move in favor of the upward trend. However, GBP/USD could have another push lower, at least until the support level of 1.5346, in the medium term.


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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 1.5513, take profit is at 1.5443, and stop loss is at 1.5584.

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