22nd Sept 2014 GBP/USD Analysis


GBPUSD, GBP/USD, Pound, Cable, U.K, Britain, Scotland GBP/USD tests the 104 weekly average and closes above the 200 moving average, below 1.632

GBPUSD, GBP/USD, Pound, Cable, U.K, Britain, Scotland Cable attained the high of 1.65, the levels attained in early September, before dropping back close to previous resistance-turned-support at 1.6277

GBPUSD, GBP/USD, Pound, Cable, U.K, Britain, Scotland Noting the recent ascending trendline, higher lows are still the main trend to go as the market exhausts at the 200 moving average on the H4 charts, post Scotland Referendum.

Scotland’s vote came to naught as the United Kingdom remains united. Pound rebounded from the low of 1.62 and covered the trading price gap set 2 weeks ago towards 1.65, before closing the week slightly above resistance turned support 1.6277. The GBP/USD looks likely to observe the trendline and continue its bullish run as the market renews confidence in the currency as the top gainer among the economic powers. Look to buy on the dips for Pound as it looks to test the higher lows towards 1.664 as the mid term resistance.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Slight bearish / near support 1.612 1.62 1.627 1.63 1.64 1.65

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