FX.co ★ Daily analysis of GBP/USD for September 16, 2015

GBP/USD made a pullback made near the resistance level of 1.5479 on the daily chart. This move could push the pair lower until the support level of 1.5181 when a breakout around 1.5329 happens. The 200 SMA is still neutral in this time frame, which adds some uncertainty to the current trend.

On the H1 chart, the pair is looking for an opportunity to consolidate below the support zone of 1.5327 after a lower low pattern formation. However, the current price is very close to the 200 SMA zone, as we expect that GBP/USD could retrace until that territory. If a breakout happens above the level of 1.5402, then GBP/USD will test the level of 1.5470 .

Daily chart's resistance levels: 1.5479 / 1.5559

Daily chart's support levels: 1.5329 / 1.5181

H1 chart's resistance levels: 1.5368 / 1.5402

H1 chart's support levels: 1.5327 / 1.5286

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 1.5368, take profit is at 1.5402, and stop loss is at 1.5334.