FX.co ★ Daily analysis of GBP/USD for September 23, 2016

The pair managed to extend the recovery post-Fed, but it was rejected by the 200 SMA on H1 chart, around the 1.3116 level. Currently, we're expecting a downfall continuation towards the support level of 1.3037 in the first instance, as the bearish structure seems to be strong on a short-term basis. MACD indicator is on negative territory, supporting further bearish bias.

H1 chart's resistance levels: 1.3116 / 1.3225

H1 chart's support levels: 1.3037 / 1.2948

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3037, take profit is at 1.2948 and stop loss is at 1.3123.