Daily analysis of GBP/USD for September 29, 2017

The pair made another low below the 200 SMA at H1 chart, but now it’s looking to break above that moving average once again. Nearest support lies at 1.3309, where bulls could gather momentum in order to ride the bullish path across the board. If the level of 1.3309 gives up, we can expect another leg lower towards 1.3209.

H1 chart’s resistance levels: 1.3592 / 1.3755

H1 chart’s support levels: 1.3309 / 1.3209

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3592, take profit is at 1.3755 and stop loss is at 1.3430.

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