16.09.201403:12 Forex Analysis & Reviews: Daily analysis of GBP/USD for September 16, 2014

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Daily chart: The GBP/USD is trying to stay above the support level of 1.6235, though this pair continues to fill the bearish gap created a few weeks ago. Now, the GBP/USD could climb up to the resistance level of 1.6326. If this pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6447. The MACD indicator is entering oversold zone.

H4 chart: This pair continues to find resistance at the 1.6247 level and now, the GBP/USD is trying to make a breakout at that level to climb to the resistance level of 1.6435, which is very close to the 200-day moving average. If the GBP/USD performs a pullback at current levels, it would be expected to fall to the support level of 1.6004. The MACD indicator is entering overbought area.

H1 chart: The GBP/USD encountered resistance at the 200-day moving average, so this pair could try to make a breakout at the support level of 1.6216. If it does, it will be expected to fall up to the 1.6170 level, which would be a continuation of the bearish trend in the medium term. The MACD indicator remains in negative territory.

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 1.6216, take profit is at 1.6170, and stop loss is at 1.6263.

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