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08.09.201621:51 Forex Analysis & Reviews: Daily analysis of GBP/USD for September 09, 2016

Long-term review

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According to the H1 chart, GBP/USD is rebounding above the 200 SMA, and we can see a rally towards the highs from the September 6th session. Currently, the overall bullish structure remains alive, as the pair, in terms of price action, has been performing in favour of respecting the key supports. However, if the cable manages to break the 1.3258 zone, then it can fall to the 1.3116 level.

H1 chart's resistance levels: 1.3360 / 1.3480

H1 chart's support levels: 1.3258 / 1.3116

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3360, take profit is at 1.3480 and stop loss is at 1.3240.

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