Daily analysis of GBP/USD for September 14, 2017

GBP/USD did a retracement on UK data released during Wednesday's session and it looks like a leg lower could happen towards the support zone of 1.3209, at which a breakout should open the doors to test the 200 SMA on H1 chart. However, the risk to the upside still prevails and we would prefer that scenario with a first target placed at 1.3367.


H1 chart's resistance levels: 1.3271 / 1.3367

H1 chart's support levels: 1.3209 / 1.3113

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 1.3271, take profit is at 1.3367 and stop loss is at 1.3176.

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