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Daily analysis of GBP/USD for July 07, 2016

On H1 chart, GBP/USD had another bearish session. The pair challenged new fresh multi-year lows around the 1.2858 level, where the pair already formed a new support on the road. A rebound from the current levels will drive it to test again the psychological zone of 1.3000, but the risk to the downside remains alive as the 200 SMA is still bearish.

GBPUSDH1.png

H1 chart's resistance levels: 1.3000 / 1.3148

H1 chart's support levels: 1.2858 / 1.2750

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 1.3000, take profit is at 1.2858 and stop loss is at 1.3148.

The material has been provided by InstaForex Company - www.instaforex.com