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Daily analysis of GBP/USD for June 13, 2016

GBP/USD finished the last week with sharp declines toward support level at 1.4247, where currently it's bottoming and trying to rebound to the resistance level at 1.4336. Cable is likely to trade lower this week, as the Brexit referendum is due to be held next week and uncertainty is driving the pair's direction on a short-term basis. 200 SMA is bearish and supporting our current downside outlook.


H1 chart's resistance levels: 1.4336 / 1.4402

H1 chart's support levels: 1.4247 / 1.4157

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 1.4247, take profit is at 1.4157 and stop loss is at 1.4337.

The material has been provided by InstaForex Company -