FX.co ★ Daily analysis of GBP/USD for September 17, 2014

Daily chart: The GBP/USD has consolidated above the support level of 1.6235, as this pair has tried to recover from the deep slump which has been seen several days. If the GBPUSD manages to make a breakout at the level of 1.6326, it is expected to rise to the level of 1.6447, which is close to the 200 SMA, the MACD remains in positive territory.

H4 chart: The GBP/USD is trying to form a bullish pattern above the 1.6247 level. If the pair manages to make a breakout at the level of 1.6300, it is expected to rise to the level of 1.6365, where one bullish trend line is on this chart. For now, the GBP/USD remains strong in the bearish bias. The MACD indicator remains in positive territory.

H1 chart: This pair is forming a higher high pattern above the support level of 1.6252, so the GBP/USD is trying to make a breakout on the resistance level of 1.6291 to consolidate in the bullish trend. If successful, it is expected to rise to the level of 1.6338. The MACD indicator is in the overbought zone.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6252, take profit is at 1.6216, and stop loss is at 1.6289.