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08.07.2014 02:45 AM
Daily analysis of GBP/USD for July 08, 2014

Daily chart: The GBP/USD has made a pullback at the resistance level of 1.7170. Now, this pair is trying to stay strong in the bullish outlook with the formation of a lower high pattern. If GBP/USD manages to make a breakout at the level of 1.7100, it's expected to fall to the support level of 1.7000. The MACD indicator is in the overbought zone.

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H4 chart: This pair has consolidated below the bullish trend line that is located at the 1.7160 level. However, the GBP/USD pair is likely to fall to the support level of 1.7062. If the pair manages to make a breakout at that level, it would be expected to fall to the 1.6995 level in the short term. The MACD indicator is in the negative territory.

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H1 chart: The GBP/USD has made a breakout at the level of 1.7150. Now, this pair is finding support in the vicinity of the point of control. If the pair manages to make a breakout at the support level of 1.7100, it's expected to fall to the level of 1.7050, which is below the 200 SMA. MACD indicator is in the positive 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 1.7150, take profit is at 1.7200, and stop loss is at 1.7100.

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