19.09.201406:00 Forex Analysis & Reviews: Daily analysis of GBP/USD for September 19, 2014

Long-term review

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Daily chart: The GBP/USD is waiting for the results of the referendum for the independence of Scotland, which possibly will be published during the European session today. This pair has made a breakout at the resistance level of 1.6447 and has filled in the bearish gap, so the next goal would be the level of 1.6540. The MACD indicator stays in positive territory.

H4 chart: This pair is trying to touch the 200-day moving average in this chart, so far, the GBP/USD could begin to form a bullish pattern. If the GBP/USD manages to make a breakout at the resistance level of 1.6553, it's expected to that rise to the level of 1.6643 in the medium term. The MACD indicator stays in positive territory.

H1 chart: The GBP/USD is forming a higher high pattern above the support level of 1.6464, after that this pair has had a bullish momentum above the strong support at the 1.6375 level on this chart. If the GBP/USD manages to make a breakout at the resistance level of 1.6507, the next goal would be the level of 1.6544. The MACD indicator stays in positive territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance is at 1.6507, take profit is at 1.6544, and stop loss is at 1.6470.

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