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Couldn’t break through (5/8) level

11 March 2016, GBP/USD

 Pair couldn’t break through (5/8) level

The four-hours chart of GBPUSD. On this currency pair volatility is smaller than on EURUSD. But the situation remains uncertain too. Level (4/8) has influence on price. We saw an upwards bounce from this level but pair couldn’t break through (5/8) level. There is strong resistance on this level then price movies in horizontal channel (3/8 – 5/8). So bulls haven’t won completely and bears are strong and we can see it on chart today.

Trading decisions: sell from current levels. First goal on the four-hours Supertrend line, medium-term aim is on (4/8) level.

Nikolay Krishtopov
FreshForex Analyst
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