InstaForex - Analytics

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    Daily analysis of GBP/USD for November 13, 2015

    On the daily chart, GBP/USD has been moving sideways below the 200 SMA, which is currently acting as dynamic resistance. Also, bear in mind the cable wants to test new highs around the level of 1.5296 because of a higher high pattern formation which is in progress. However, pullbacks are expected in coming days at least because the overall structure is still calling for downside.

    GBPUSDH1.png

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    H1 chart's resistance levels: 1.5296 / 1.5365

    H1 chart's support levels: 1.5205 / 1.5142

    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 seen at 1.5205, take profit is at 1.5142, and stop loss is at 1.5270.


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