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    Daily analysis of GBP/USD for June 22, 2016

    The cable keeps trading higher ahead of the Brexit referendum, and we can highlight the resistance found around the 1.4730 level. Currently, the pair targets to decline toward the 1.4597 level, where a breakout should happen for another lower move to the 1.4464 level, which also coincides with the 200 SMA on the H1 chart. The MACD indicator is favoring the bearish scenario as it's showing negative signs.

     

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    H1 chart's resistance levels: 1.4730 / 1.4806

    H1 chart's support levels: 1.4597 / 1.4464

    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 at 1.4730, take profit is at 1.4806 and stop loss is at 1.4652.


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