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The level (4/8) has been forced down

The level (4/8) has been forced down | 02 July 2015

02 July 2015, GBP/USD

The level (4/8) has been forced down

4 hours’ chart of  GBPUSD. Following to a durable consolidation, the pair has resumed its downward movement. Upon that, its nearest target - the main level of support and resistance  (4/8) – has been broken without special efforts. Now the pair is trying to consolidate under this level. Shall it succeed in this attempt, it will move down to the level (2/8). An alternative option is movement of the price within a horizontal channel (3/8 – 5/8).

Nikolay Krishtopov
FreshForex Analyst
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