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Daily analysis of GBP/USD for September 12, 2016

The pair extended the corrective move to the downside towards the support level of 1.3258, which is slightly below the 200 SMA zone. Around that area, we should expect a rebound to resume the bullish bias and that is likely, as GBP/USD has been trying to keep above the lows from August 30th session. The next resistance is placed at the 1.3360 level.

1473618827_GBPUSDH1.png

H1 chart's resistance levels: 1.3360 / 1.3480

H1 chart's support levels: 1.3258 / 1.3116

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3360, take profit is at 1.3480 and stop loss is at 1.3240.

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