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24.10.2016 09:55 PM
Daily analysis of GBP/USD for October 25, 2016

The pair started the week within a sideways range, but with a bearish bias favoured by the overall price action shown on H1 chart. Currently, GBP/USD is trading below the 200 SMA and it's expected that we could see a decline towards the 1.2155 level in coming hours or even days. However, if the pair manages to recover above the 1.2230 level, then it can test the 1.2312 price level.

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H1 chart's resistance levels: 1.2312 / 1.2427

H1 chart's support levels: 1.2229 / 1.2155

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2229, take profit is at 1.2155 and stop loss is at 1.2301.

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