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16.09.2015 01:12 AM
Daily analysis of GBP/USD for September 16, 2015

GBP/USD made a pullback made near the resistance level of 1.5479 on the daily chart. This move could push the pair lower until the support level of 1.5181 when a breakout around 1.5329 happens. The 200 SMA is still neutral in this time frame, which adds some uncertainty to the current trend.

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On the H1 chart, the pair is looking for an opportunity to consolidate below the support zone of 1.5327 after a lower low pattern formation. However, the current price is very close to the 200 SMA zone, as we expect that GBP/USD could retrace until that territory. If a breakout happens above the level of 1.5402, then GBP/USD will test the level of 1.5470 .

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Daily chart's resistance levels: 1.5479 / 1.5559

Daily chart's support levels: 1.5329 / 1.5181

H1 chart's resistance levels: 1.5368 / 1.5402

H1 chart's support levels: 1.5327 / 1.5286

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 1.5368, take profit is at 1.5402, and stop loss is at 1.5334.

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