Daily analysis of GBP/USD for September 09, 2014
September 9, 2014 6:05 amVideo
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Daily chart: GBP/USD
failed to fill the bearish gap yesterday, so this pair is
consolidating below the resistance level of 1.6146. The next
objective for this pair is the level of 1.6043. If GBP/USD
manages to make a breakout at that level, it’s expected to fall to
the support level of 1.5883 in the medium term, although it is likely
that the pair will rebound at current levels. The MACD indicator
stays in positive territory.
H4 chart: GBP/USD
is trying to fall to the support level of 1.6004. If this
pair consolidates below that level, the next support level would
be 1.5811. GBP/USD remains far from the 200-day moving average and
the MACD indicator remains in negative territory.
H1 chart: The GBP/USD
encountered resistance at the 1.6170 level, so it is likely that this
pair will try a breakout at the support level of 1.6117, and will fall to
the level of 1.6075. The MACD indicator is entering neutral territory.
Trading recommendations for today: Based on the H1 chart,
place sell (short) orders only if the GBP/USD pair breaks a bearish
candlestick; the support level will be at 1.6075, take profit is at
1.6031, and stop loss will be at 1.6119.
The material has been provided by InstaForex Company – www.instaforex.com
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