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20.06.2014 04:19 AM
Daily analysis of GBP/USD for June 20, 2014

Daily chart: The GBP/USD has made a breakout on the resistance level of 1.7000 and now this pair is directed towards the resistance level of 1.7169 in the medium and long term. For now, the GBP/USD is expected to rise a little more and then begin to form a lower high pattern as part of the corrective movements. The MACD indicator remains in positive territory.

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H4 chart: The GBP/USD is consolidating above the 1.6995 level, so far, this pair is trying to go up to the bullish trend line near the 1.7135 level. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7295 in the medium term. The MACD indicator is in positive territory.

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H1 chart: This pair is forming a bullish pattern below the resistance level of 1.7050, after the GBP/USD has consolidated above the support level of 1.7000. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7100. However, we recommend caution when placing sell orders. The MACD indicator is in negative territory.

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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 1.7050, take profit is at 1.7100, and stop loss is at 1.7000.

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