Flat continues

08 August 2016, GBP/USD

Four-hours chart of GBPUSD. The pair broke the bottom of the horizontal channel 1.3050, inside which the pair had been moving for quite a long time. Nevertheless, until the price consolidates below this level, we cannot conclude about a full breakdown of this level. The most likely option now is growth of the pair to the four-hours SuperTrend line and already from there a start of a new descending wave. We don't know yet how large it would be. In general, the pair is maintaining the flat movement, and there are now signs that it would be finished.

Trading solutions: none

Nikolay Krishtopov
FreshForex Analyst
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