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Bears have a chance

14 March 2016, GBP/USD

 Bears has possibility

The four-hours chart GBPUSD. After consolidation in narrow range on level (5/8) pair has continued rising so the possibility with moving in horizontal channel was canceled. Locally bears are very strong but the price has remained on resistance level (6/8). It isn’t the strongest level in the system but we should pay attention on this fact that earlier pair had bounced down from this level. Bears could use this situation. This possibility could be canceled if the price consolidated above (6/8) level. It is shown that bears couldn’t have initiative on this level and next important level was 1.4648 (8/8).

Trading decisions: sell from (6/8) level with short stop

Nikolay Krishtopov
FreshForex Analyst
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