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11.08.2014 12:48 AM
Daily analysis of GBP/USD for August 11, 2014

Daily chart: The GBP/USD has begun to form a higher low pattern above the support level of 1.6766, because in the previous session, the pair had a fairly steep decline. If the GBP/USD manages to make a breakout at that level, it would be expected to fall to the support level of 1.6663. The MACD indicator is in negative territory.

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H4 chart: This pair is trying to make a breakout at the level of 1.6762, where the GBP/USD has begun to form a fractal. This pair is likely to make a rebound at current levels, although the bearish force is becoming more solid. If the GBP/USD manages to make a breakout at the level of 1.6841, it is expected to rise to the level of 1.6900.

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H1 chart: The GBP/USD has made a successful breakout at the level of 1.6800 and now, the GBP/USD is trying to form a bearish pattern below that level. If the pair manages to make a breakout at the support level of 1.6750, it would be expected to fall to the 1.6700 level in the short term. The MACD indicator is in neutral territory.

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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 at 1.6750, take profit is at 1.6700, and stop loss is at 1.6800.

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