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08.09.2014 02:32 AM
Daily analysis of GBP/USD for September 08, 2014

Daily chart: GBP/USD opened the week with a strong bearish gap below the resistance level of 1.6235, by what this pair could rise to the level of 1.6326 to fill that gap. However GBP/USD could lose the bullish momentum at 1.6235 and is likely to fall to the support level of 1.6146. The MACD indicator remains in negative territory.

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H4 chart: The GBP/USD is below the resistance level 1.6247, and it is likely that this pair tries to make a breakout at that level to climb to the resistance level of 1.6350 to fill the bearish and try toform a bearish pattern more clearly. GBP/USD is kept below the 200-day moving average and the MACD indicator stays in negative territory.

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H1 chart: As the result of the bearish gap, GBP/USD has formed a fractal at the support level of 1.6170 and now, the GBP/USD is trying to make a breakout at the resistance level of 1.6252. If it succeeds, it would be expected that it goes up the resistance level 1.6338, so the GBP/USD would have a recovery in its value due to the recent surveys by newspapers in which the Scots may would be voting in favour of the independence of Scotland from the United Kingdom.

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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 is at 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.

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