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10.10.201601:16 Forex Analysis & Reviews: Daily analysis of GBP/USD for October 10, 2016

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP/USD plummeted to a new multi-year low below the 1.2000 handle during early Friday's session, but it managed to recover some ground following that flash crash. Currently, the pair is being supported by the 1.2388 level and weakness is still alive. A breakout below that zone should help to extend the decline towards the 1.2312 level.

Exchange Rates 10.10.2016 analysis

H1 chart's resistance levels: 1.2468 / 1.2552

H1 chart's support levels: 1.2388 / 1.2312

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 1.2388, take profit is at 1.2312 and stop loss is at 1.2464.

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