InstaForex - Analytics


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    Daily analysis of GBP/USD for February 08, 2016 2016-02-08

    The pair was declining during Friday's session and consolidated below the 200 SMA in the H1 chart. The nearest support is located around the level of 1.4369 where a breakout to the downside should happen to test the inflection zone formed at 1.4269. Currently, a rebound cannot be discarded yet, as the GBP/USD pair could be in a corrective phase. However, the MACD indicator is supporting the bearish idea as it is trading in the negative territory.


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    H1 chart's resistance levels: 1.4436 / 1.4535

    H1 chart's support levels: 1.4369 / 1.4289

    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 seen at 1.4436, take profit is at 1.4535, and stop loss is at 1.4334.

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