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    Daily analysis of GBP/USD for February 26, 2016 2016-02-26

    The GBP/USD pair is trying to break the support level of 1.3963, but we have witnessed rejection from that level, and now the pair is doing a corrective move towards the level of 1.4069. On the H1 chart, we should note that a 200 SMA is pointing to the downside and favoring the bearish scenario. The MACD indicator is still in the positive territory and this could be supporting the bullish bias.

    GBPUSDH1.png

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    H1 chart's resistance levels: 1.4069 / 1.4165

    H1 chart's support levels: 1.3963 / 1.3878

    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 found at 1.3963, take profit is at 1.3878, and stop loss is at 1.3976.


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