GBP/USD - GBP/USD fills the gap - 09/17/2014 (GMT)

• GBP/USD moved higher yesterday, filling the gap we saw last week. The technical picture suggest that the pair remains in a retracing mode. The rate started printing higher highs and higher lows within the purple minor-term channel, but still remains below the blue downtrend line drawn from the high of the 15th of July. Only a move above the psychological line of 1.6500 (R3) would confirm the upside break of the downtrend line and perhaps flip the short-term picture positive. However, one day ahead of the Scottish independence referendum, I would prefer to stay on the sidelines as the outcome could change the whole outlook of the pair. I would like to take a view on the picture the results will paint afterwards.
• Support: 1.6160 (S1), 1.6070 (S2), 1.6000 (S3)
• Resistance: 1.6315 (R1), 1.6460 (R2), 1.6500 (R3)