GBPUSD: Daily analysis for September 27, 2013
Daily chart: This pair fell again to the support at the 1.6046 level. Meanwhile, GBPUSD continues forming a lower high pattern, so our bullish outlook is still alive. It is very likely that this pair will rise to the resistance level at 1.6146, but we must be pending before a further fall to support at the 1.5883 level, to fill the gap that appeared a few days ago. The MACD indicator remains in extreme overbought zone and entering neutral territory.
H4 chart: GBPUSD remains below the bullish trendline but still with aspirations in the medium term bullish. We must be pending before any fall to the support level at 1.5811. On the other hand, it is very likely that this pair will continue rising above the 1.6105 level, because the bullish outlook remains very much alive in this pair. The MACD indicator remains in negative territory and GBPUSD remains above the 200-day moving average.
H1 chart: This pair fell back near the 200-day moving average, where it quickly made a bullish rebound, breaking the resistance level of 1.6031. Now, this pair is forming a lower high pattern and is likely to rise to the resistance at the 1.6075 level. If it manages to break it, it would be expected to rise to the level of 1.6117. On the other hand, if the pair breaks the support at the level of 1.6031, it is expected to drop to the level of 1.5980. The MACD indicator is in positive territory.
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 1.6075, take profit is at 1.6117, and stop loss is at 1.6033.
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