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We wait for return to the level of (8/8)

We wait for return to the level of (8/8) | 01 June 2016

01 June 2016, GBP/USD

Four-hours chart of GBPUSD. A bet on continued growth failed. Bears did not allow bulls to gain a foothold in the overboughtness zone and pushed the price down. However, bulls have more chances for recovery, as the nearest significant support (5/8) has sustained. If buyers can hold the price above this mark, they may return it to the main resistance price level (8/8).

Trading solutions: today we shall waiting for breakdown of 1.4465 (5/8) and if the price returns above (5/8), we shall buy. The goal for growth is the main resistance level 1.4648 (8/8).

Nikolay Krishtopov
FreshForex Analyst
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