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Daily analysis of GBP/USD for May 19, 2016

GBP/USD had a strong bullish momentum during yesterday's session, as the pair reacted in a positive way to the good indicators released in the UK. Currently, it's facing off the resistance level of 1.4622, where a pullback can happen towards the 1.4549 level, and a more deeper decline can happen to retest Wednesday's lows, but the bullish bias stays intact.


H1 chart's resistance levels: 1.4622 / 1.4686

H1 chart's support levels: 1.4549 / 1.4430

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 1.4549, take profit is at 1.4430 and stop loss is at 1.4670.

The material has been provided by InstaForex Company -