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24.09.201511:27 Forex Analysis & Reviews: Technical analysis of GBP/USD for September 24, 2015

Long-term review

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Trading recommandations:

According to the previous events, the GBP/USD pair has still been trapped between 1.5335 and 1.5176. The level of 1.5335 represents strong resistance. Also, it should be noted that the price of 1.6841 is coinciding with support, which was broken yesterday. The minor support has set at the level of 1.5220 and the weekly support 2 sets at the price of 1.5176. Consequently, we expect a range about 177 pips from now to the 25th of September 2015 . Therefore, the market is going to call for a downtrend from the level of 1.5323. So, sell below the level of 1.5323 in the long term with the first target at 1.5220. If the trend manages to break the double bottom, it might resume to 1.5176.

Observations:

Major support will set at 1.5176.
The level of 1.5272 represents the daily pivot point.
Major resistance has already set at the level of 1.5353.
According to our statistics, it found that the range was between 160 pips and 248 pips and the average range was around 204 pips.

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