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Absolute fiasco

23 March 2016, GBP/USD

 Absolute fiasco

The four-hours chart GBPUSD. It is absolute fiasco. Buyers couldn’t hold price. Pair has deep decrease and turn over pattern was worked out from (7/8) level. Yesterday we considered that it was alternative possibility. Now pair is coming to the strongest system level (4/8). This level should have support to the pair but when the price don’t consolidate above the four-hours Supertrend line it is early to speak about restarting rise. So the possibility of pair decrease remains main possibility. Breakthrough of (4/8) level at the end of trading session is possible and it will open way for further decrease.

Trading decisions: no

Nikolay Krishtopov
Analyst of «FreshForex» company
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