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Daily analysis of GBP/USD for September 01, 2014

Daily chart: GBP/USD is trying to rise up to the 200-day moving average, which is close to the resistance level of 1.6 668. However, it is worthy to remember that GBP/USD is trying to form a bearish pattern, so this pair could fall back to the support level of 1.6540. The MACD indicator is entering into positive territory.


GBPUSDDaily.png


H4 chart: This pair is trying to make a breakout at the resistance level of 1.6615. If it succeeds, it would be expected to rise to the level of 1.6644. However, we should take into account that GBP/USD is conducting corrective movements, so it is very likely that this pair will climb up to the 200-day moving average. The MACD indicator stays in positive territory.


GBPUSDH4.png


H1 chart: GBP/USD has performed a bullish rebound at the support level of 1.6578, so now this pair is trying to find resistance at the 200 moving average. If GBP/USD manages to make a breakout at the resistance level of 1.6629, one would expect it to rise to the level of 1.6 700. The MACD indicator is entering neutral territory.


GBPUSDH1.png


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.


The material has been provided by InstaForex Company - www.instaforex.com