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24.09.201402:07 Forex Analysis & Reviews: Daily analysis of GBP/USD for September 24, 2014

Long-term review

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Daily chart: The GBP/USD has found strong support at the level of 1.6326, and now this pair is trying to climb up to the resistance level of 1.6447. If the GBP/USD makes a pullback at this level, it would be expected to fall back to the support level of 1.6326. For now, the GBP/USD is finding strong support to try to go up to the 200-day moving average. The MACD is in positive territory.

H4 chart: This pair has made a rebound on the 200-day moving average, which is close to the support level of 1.6338. Now, the GBP/USD is forming a higher high pattern above the support level of 1.6375. If this pair does make a breakout at the level of 1.6419, the next target would be the level of 1.6464. The MACD indicator remains in neutral territory.

H1 chart: This pair has made a rebound on the 200-day moving average, which is close to the support level of 1.6338. Now, the GBP/USD is forming a higher high pattern above the support level of 1.6375. If this pair does make a breakout at the level of 1.6419, the next target would be the level of 1.6464. The MACD indicator remains in neutral 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 1.6375, take profit is at 1.6419, and stop loss is at 1.6329.

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