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    GBP/USD: the pair is in the downtrend on 09.02.2016

    Negative data on German industrial production and trade balance, released at the opening of the European session, caused the fall of Euro (including the cross pair EUR/GBP). This news, however, provided support to the Pound, which has been under pressure since the beginning of this week.

    However, on the daily and four-hour chart the indicators OsMA and Stochastic are in favour of the sellers. On the daily chart the pair goes down in the downward channel with the lower limit below the level of 1.4100 (lows of 2016). The upper limit of the channel is near the level of 1.4665 (ЕМА50 and Fibonacci 50%). The price has reached this level last week, but the decrease resumes. The decline will accelerate after breakdown of support level of 1.4370 (Fibonacci 23.6%) with the target levels of 1.4210 and 1.4100 lows of the year).

    Upward trend is possible after consolidation of the price above the level of 1.4530 (ЕМА200 on the four-hour chart and Fibonacci 38.2%).

    Downtrend reversal is possible after consolidation of the price above the level of 1.4665 (ЕМА50, Fibonacci 50% and the lows of April 2015).

    The rise above the level of 1.4800 (Fibonacci 61.8%) will lead the pair to resistance level of 1.5000 (ЕМА144 on the daily chart).

    Support levels: 1.4370, 1.4210, 1.4100, 1.4000.
    Resistance levels: 1.4530, 1.4665, 1.4700 and 1.4800.

    Trading tips

    Sell Stop: 1.4360. Stop-Loss: 1.4410. Take-Profit: 1.4310, 1.4210 and 1.4100.
    Buy Stop: 1.4475. Stop-Loss: 1.4430. Take-Profit: 1.4500, 1.4530, 1.4600 and 1.4665.

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