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11.07.2016 11:53 PM
Daily analysis of GBP/USD for July 12, 2016

GBP/USD is facing a strong resistance around the psychological zone of 1.3000, where the bulls lost momentum after being favoured by the recent headlines about Theresa May as the new UK Prime Minister. Currently, a breakout above that level isn't discarded as the Cable remains strongly supported by the 1.2858 level. If that happens, then the next hurdle could be the 200 SMA.

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H1 chart's resistance levels: 1.3000 / 1.3148

H1 chart's support levels: 1.2858 / 1.2750

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 1.2858 and stop loss is at 1.3148.

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