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The pair is based on the main resistance level

24 April 2015, GBP/USD

The pair is based on the main resistance level 4 hours’ chart of GBPUSD. The pair has bounced from the reversal level (7/8) a lot. However, we still have not received a confirmation of reversal of price. The reason is that the pair was not able to get consolidated below the 4 hours’ Supertrend. On the wrong way round, the pair has bounced from it up. This bounce cancelled the configuration we deemed as the main yesterday. At present, the pair is based on the main resistance level (8/8), from which we expect a correctional pullback with the target based on intermediate support level. Another options is breaking of (8/8) from bottom to top to the point (+1/8) and correction to the level (8/8).

Nikolay Krishtopov
FreshForex Analyst
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