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Consolidation within the channel (3/8 - 5/8) continues

03 August 2015, GBP/USD

Consolidation in the channel (3/8 - 5/8) continues

The four-hours' chart of GBPUSD. As you can see on the chart, no significant changes have occurred on it. The pair continues to consolidate within a horizontal channel (3/8 - 5/8). Continuation of flat remains to be the core scenario. Considering length of time the price has spent within the channel, we can say that an important prognostic event would be leave of this channel by the price: such as breakdown and consolidation above (5/8) will open the way to the point (8/8). Breakdown and consolidation under the level (3/8) will open the way to the point (0/8).

Nikolay Krishtopov
FreshForex Analyst
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