09.09.201423:24 Forex Analysis & Reviews: Daily analysis of GBP/USD for September 10, 2014

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.

Daily chart: GBP/USD has found support at the level of 1.6046, since this pair is trying to form a bearish pattern. However, the GBP/USD pair manages to make a breakout at the resistance level of 1.6146. Rising to the level of 1.6235 is expected in an attempt to fill the gap bearish. The MACD indicator remains in the negative territory

H4 chart: The GBP/USD is trying to form a lower low pattern above the support level of 1.6004. However, this pair could perform a rebound from the current levels and climb up to the resistance level of 1.6247. If the GBP/USD pair manages to make a breakout at that level, the next target would be the 1.6435 level. The MACD indicator is entering the oversold zone.

H1 chart: This pair is trying to consolidate above the level of 1.6117, so GBP/USD could make a retracement up to the 1.6170 level. If this pair manages to make a breakout at that level, it's expected to climb to the 1.6215 level. The MACD indicator stays in the positive 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 1.6075, take profit is at 1.6031, and stop loss is at 1.6119.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.