The markets are running into a dominant bias established after the Fed's meeting, and the US Dollar is now weak, pushing higher the GBP/USD pair towards new untouched levels. Currently, the pair is trading above the 200 SMA on the daily chart and the closest resistance is located around the level of 1.5634. The MACD indicator is moving at the positive territory.
On the H1 chart, there is a bullish rally ongoing above the support level of 1.5661. Now it is facing a strong resistance around 1.5609, the level which should be broken in order to reach new highs at least until 1.5655. On the other hand, a pullback at current levels will push lower the cable until the level of 1.5516.
Daily chart's resistance levels: 1.5479 / 1.5559
Daily chart's support levels: 1.5329 / 1.5181
H1 chart's resistance levels: 1.5609 / 1.5655
H1 chart's support levels: 1.5561 / 1.5516
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 1.5609, take profit is at 1.5655, and stop loss is at 1.5561.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for September 18, 2015 . Thanks for your support.
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