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Murrey levels were redrafted

09 August 2016, GBP/USD

Four-hours chart of GBPUSD. Murrey levels were redrafted on the chart, they were significantly narrowed due to lower volatility of the instrument. The pair is currently consolidating below (2/8), it continues to move down. The level of (5/8), at which the price is now, should not have a strong influence on the price, the maximum that we can expect is a slight upward pullback. In the medium run we can expected a deeper drop of the pair and update of the year's Low. The current goal is the main support and resistance level (4/8).

Trading solutions: none

Nikolay Krishtopov
FreshForex Analyst
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