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02.12.2015 01:19 AM
Daily analysis of GBP/USD for December 02, 2015

The GBP/USD pair did a pullback around the level of 1.5120, where the 200 SMA is located on the H1 chart, so the current structure is still calling for more downsides. There is a lower low pattern formation below the resistance level of 1.5100. A breakout below the level of 1.5062 will expose the pair to test the next support at the level of 1.5031. The MACD indicator is at the negative territory.

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H1 chart's resistance levels: 1.5100 / 1.5120

H1 chart's support levels: 1.5062 / 1.5031

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is found at 1.5062, take profit is at 1.5031, and stop loss is at 1.5092.

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