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26 Sept 2014 GBP/USD Analysis

26 Sept 2014 GBP/USD Analysis

GBPUSD, GBP/USD, Pound, Cable, U.K, Britain, Pound remains below 1.64 and closed trading yesterday in the support range of 1.632

GBPUSD, GBP/USD, Pound, Cable, U.K, Britain Resistance at 1.634 is likely to see Pound Sterling trade within the range of 1.6277 before a confirmation of bearish bias upon breaking lower of the 104 moving average in orange.

GBPUSD, GBP/USD, Pound, Cable, U.K, Britain Traditional MACD moves into the bearish zone without much volatility and the 200 hourly moving average in black acts as a reference for resistance zone for today.

The lack of economic data yesterday during the European session and British session saw GBP/USD trade within 1.634-1.627, with only the U.S durable goods orders proving significant indication for the pair’s direction.

Technical analysis shows the Pound trading near the January 2014 support range but staying below the supporting trendline in blue (previous higher lows), the pair looks to swing lower as candlesticks failed to break above the 200 moving average on the H4 and H1 timeframes. A retest and failure to break higher from 1.634-1.637 will confirm that the bullish trend that began last week has subsided at least for now.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight Bearish1.6151.6191.6271.6341.6411.65

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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