GBP / USD: correction is expected_09/24/2015

Current dynamics

Yesterday was mainly marked by the strengthening of the US dollar market. At the end of the day the dollar fell against the euro but, aided by a speech in the European Parliament and of the ECB M.Dragi, in which he said nothing about the extension of the quantitative easing policy. M.Dragi only noted that the ECB may make adjustments to the QE program in the EU, if necessary. Pound in the GBP / USD pair in virtually recoilless movement yesterday lost nearly 120 points, and the pair EUR / GBP - 100 points.
Regarding the pair GBP / USD today planned out a series of news on the US from 15:30 to 20:00 (GMT + 3), and at 24:00 an address by Fed Chairman Janet Yellen.
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Support and resistance levels
Today, the US dollar observed multidirectional dynamics in currency pairs.
Fall GBP / USD pair yesterday stopped near the support level of 1.5230 (23.6% Fibonacci level of the correction to the global reduction of the pair from the level of 1.7190 in July 2014), with which the pair corrected to the opening of the European session today with 40 points.
The estimated motion today GBP / USD pair is worth paying attention to the 2 point. Despite the fact that indicators OsMA and Stochastic on the daily chart indicate further decline on the 4-hour chart appear to signal a reversal in the long positions. Correction in the pair may reach 1.5450 area level, 1.5470 (EMA144 on the 4-hour and daily charts).
The zone of the balance to which the price returns periodically since May of this year, expressed in lines EMA144 (1.5470) and EMA200 (1.5520) on the daily chart.
Strengthening of the pound against the dollar today may also contribute to its growth in the pair EUR / GBP, which is on the strong resistance level 0.7340 (EMA200), 0.7350 (23.6% Fibonacci level). From these levels of EUR / GBP pair is always bounces when reaching the middle of August.
Break of the 1.5230 level will send the pair to the 1.5180 level (lows of August and June), and further to 1.4600 (at least one year).
A consolidation above 1.5520 level will create prerequisites for the growth to the level of 1.5600 (38.2% Fibonacci level), 1.5700, 1.5900 (50% Fibonacci level).
Support levels: 1.5230, 1.5180
Resistance levels: 1.5350, 1.5470, 1.5520
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Trading recommendations
More preferred are short positions.
Buy Stop 1.5290. Stop 1.5240. Targets 1.5310, 1.5350, 1.5400, 1.5450
Sell ​​Stop 1.5210. Stop 1.5260. Targets 1.5180, 1.5110.