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Pair could stick into horizontal channel

Pair could stick into horizontal channel | 17 March 2016

17 March 2016, GBP/USD

Pair could stick into horizontal channel

The four-hours chart GBPUSD. Price has bounced upward from level (3/8) and now we can see that price has stayed on level (5/8), before this pair has overcome the strongest level in the system (4/8). So we have all three factors which prove beginning of side moving in the channel (3/8 – 5/8), according to the system’s rules. The key level is level (5/8) when the price locates under this level the main possibility is pair decrease. On the other way pair can retest level 96/8, and second try could be more successful.

Nikolay Krishtopov
FreshForex Analyst
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