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Daily analysis of GBP/USD for October 20, 2016

GBP/USD remained in sideways despite volatility lived during Wednesday's session. A dynamic resistance was found at the 200 SMA (H1 chart) and that should bring a bearish momentum in order to attempt a breakout below the 1.2229 level. If that happens, then we can expect a decline to the 1.2155 level. MACD indicator is entering a neutral territory.

GBPUSDH1.png

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, place 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.

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