26.09.201405:09 Forex Analysis & Reviews: Intraday trading recommendations for GBP/USD for September 26, 2014

Long-term review

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The Fed's comments made the US dollar stronger. The US data and the job market look pretty strong that adds fuel to the USD index to breach above $85. The cable regains its strength after the Scottish referendum moving 300 odd pips from lows. The cable has held the support at 50Msma and covered half of its losses in this month as of now. The cable has a strong resistance zone at 1.65 (200MEma) and 1.6650 (200MSma) in the medium-term perspective. In the short term 1.6590-1.66 will act as game change levels.

Support 1.6210 1.61 1.60

Resistance 1.6525 1.66 1.6650

For an intraday view, the prices are closed below 12ema and 35DEMA. The prices are back to the 2-month trend lines. In the h4 chart, the prices hit the 2-week trend line as well. The pair has a minor base at 1.6295-1.63, below this, 1.6275 is the support level. The safe buy will be triggered only above 1.6360 for an upside target at 1.6385, 1.64 and 1.6415. Strong momentum is only above 1.6415 (multiple hourly resistance).

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