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GBPUSD Technical Analysis for July 15, 2013

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The GBPUSD continued its bullish trend and is expected to this week, this pair continues to build the bullish road.

GBPUSD is forming a lower high pattern, below the resistance level at 1.5200. We must be cautious at current levels, because the GBPUSD made ​​a strong bearish movement and this might indicate a change in trend. However, if the GBPUSD managed to break the resistance at the 1.5200 level, one would expect it to rise to the level of 1.5286. Furthermore, if the GBPUSD manages to break the support level of 1.5020, it is expected to drop to the level of 1.4840. For now, as long as the GBPUSD stays below the 200 day moving average, the overall outlook for the cable is still bearish.

The MACD indicator is entering the positive territory and is in extreme oversold, which could help strengthen the current trend bullish in the GBPUSD

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