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30.09.2015 11:08 PM
Daily analysis of GBP/USD for October 01, 2015

On the daily chart, bears are still riding the current bias in GBP/USD, which is looking for an opportunity to find bottom around the level 1.5030 in the mid-term. That is why the bearish outlook is still valid, and the cable could start to form lower low patterns. The 200 SMA is slightly bearish.

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The short-term outlook remains favoring the downside, but we are watching for some breakouts lower, and this is an indicator that the GBP/USD pair could start moving towards higher levels in coming hours. But while it continues trading below the 200 SMA at the H1 chart, our outlook will stay intact.

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Daily chart's resistance levels: 1.5169 / 1.5256

Daily chart's support levels: 1.5030 / 1.4955

H1 chart's resistance levels: 1.5166 / 1.5223

H1 chart's support levels: 1.5103 / 1.5035

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is seen at 1.5103, take profit is at 1.5035, and stop loss is at 1.5176.

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