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Daily analysis of GBP/USD for August 18, 2016

GBP/USD rallied to make a new weekly high, following slightly dovish FOMC's minutes and now, the pair is being supported by the 200 SMA at H1 chart. A resistance can be seen at the 1.3085 level, where a breakout should open the doors to test the 1.3170 price zone. Overall structure remains bearish and eventually, it can resume that bias towards the 1.2894 level.

GBPUSDH1.png

H1 chart's resistance levels: 1.3085 / 1.3170

H1 chart's support levels: 1.3000 / 1.2894

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 1.2894 and stop loss is at 1.3108.

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