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Bears took the lead

06 July 2016, GBP/USD

Four-hours chart of GBPUSD. The decline continues. Bears could not hold the price above (2/8) for long. Now it's broken and the price continues to move down. Moreover, it broke (1/8), therefore we are unlikely to see the reversal at this poimt. The next level that may have an impact on the price is (0/8). This is quite a strong level of support. We are waiting the price at this level, and the future direction of the price movement will depend on results of testing of this level. Growth of the pair from the current levels is not even considered.

Trading solutions: no

Nikolay Krishtopov
FreshForex Analyst
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