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03.04.2015 03:47 PM
Daily analysis of GBP/USD for April 03, 2015

The GBP/USD pair received the recent US NFP release with a bullish momentum towards the resistance level of 1.4948. This pair could break that zone in order to reach the level of 1.5086. On the daily chat, we can still see a bearish pattern formation below of the 200 SMA, which is also pointing to the downwards during several months ago.

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On the H1 chart, the bullish trend is strong in our intraday outlook, as the GBP/USD pair is consolidating above the 200 SMA. Also, it is looking to reach the resistance level of 1.4968. On the other hand, one could expect a fall to the support level at 1.4842, for a bearish continuation towards the support level of 1.4774.

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Daily chart's resistance levels: 1.4948 / 1.5086

Dailychart's support levels: 1.4820 / 1.4649

H1 chart's resistance levels: 1.4921 / 1.4968

H1 chart's support levels: 1.4842 / 1.4774



Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4842, take profit is at 1.4774, and stop loss is at 1.4912.

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