15.09.201405:32 Forex Analysis & Reviews: Weekly forecast and intraday trading recommendations for GBP/USD for September 15, 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.

The cable hit the 5-year breakout trend line in the previous week, but managed to close above that. The Pound has a support zone between 1.6050-1.6038 levels. The bulls managed to close above 200WEma 1.6209 in the previous week. The weekly support is at 1.6050 and the monthly support is at 1.60 (200WSMA). The short-term trend decider level is at 1.60, below this we can expect another steep fall immediately of 100-150 pips and later 300 pips, to 1.57 levels.

The cable has a resistance zone between 1.6280-1.6283 levels above it, it can fly up to 1.6431 (20Dsma). Until the pair closes above 1.6431 on a daily basis, selling on every rise will mint the money. This Thursday, Scottish referendum will put demand pressure for the pound towards a downside target. For this week, we recommend to sell below 1.62 or sellers can wait for a pullback and sell at higher levels.

Support 1.6232, 1.6198-1.6190, 1.6179

Sell below 1.6232

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.