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    Technical analysis of GBP/USD for July 24, 2015

    According to my previous analysis, GBPUSD rejected the key resistance area between R1 (1.5614) and R2 (1.5688) and sharply fell after forming a double top at the resistance area.

    Wealness in the GBP/USD pair becomes more obvious and this should be a confirmation of the short-term weakness that could last from few days to a week.

    Consider selling GBP/USD on any minor pullback, preferably near S1 (1.5540) to target S3 (1.53) support area, where the pair would form a double bottom.

    The probability of a move higher to the area above R2 is very small, but a break of this level should change the trend immediately.

    Support: 1.5447, 1.5300, and 1.5168

    Resistance: 1.5540, 1.5614, and 1.5688

    gbpusd-h4-instaforex-group-3.png

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