22.09.201501:06 Forex Analysis & Reviews: Daily analysis of GBP/USD for September 22, 2015

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.

GBP/USD is consolidating above the support level of 1.5479 on the daily chart, looking for an opportunity to break higher above the 200 SMA in coming days. We are still watching the dynamic resistance offered by that moving average. Eventually, the pair could turn lower until the support zone of 1.5344.

On the H1 chart, the cable is reaching the rebound zone offered by the 200 SMA and it would be expected to break resistance zone of 1.5516 in order to test the level of 1.5561. However, if GBP/USD does a breakout below the level of 1.5468, it would be expected to reach the level of 1.5417, only when that scenario happens.

Daily chart's resistance levels: 1.5559 / 1.5634

Daily chart's support levels: 1.5479 / 1.5344

H1 chart's resistance levels: 1.5516 / 1.5561

H1 chart's support levels: 1.5468 / 1.5417

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 level is at 1.5516, take profit is at 1.5561, and stop loss is at 1.5473.

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.